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I'm the beneficiary of a trust which has no money only a
I'm the beneficiary of a trust which has no money only a house. Can I deduct the property taxes on the house on my personal income tax? … read more
Lane
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Doctoral Degree
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I am trustee for an irrevocable trust established Feb 28,
I am trustee for an irrevocable trust established Feb 28, 2017. During calendar year 2017, the trust earned a total of $10,024.74. I did NOT distribute the income to the trust's beneficiary, which is … read more
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We have an irrevocable trust in our names. Does income from
we have an irrevocable trust in our names. Does income from this irrev get reported with our regular income … read more
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Federal Tax Question: My mother died on Feb 26, 2017. She
Federal Tax Question: My mother died on Feb 26, 2017. She had a trust. Some of the trust money has been distributed to the beneficiaries. The trust earned $400 in interest for 2017. Must the $400 be g… read more
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If a trust is a Qualified Retirement Benefits Trust is a
If a trust is a Qualified Retirement Benefits Trust is a form 1041 required to be filed? The trust started from parent retirement plan, placed in trust. Now RMD is ongoing, but is a 1041 required?… read more
Lane
Lane
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A complex trust has $90k in cash put in by the founder of
a complex trust has $90k in cash put in by the founder of the trust, during 2016 the earnings were $550. The 90k was distributed to the beneficiaries, is any of the distribution taxable? Gift Tax?… read more
PDtax
PDtax
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I have a trust that was set up as a revocable trust. The
I have a trust that was set up as a revocable trust. The individual who the trust was for has died. The questions that I have: 1. The trustees want the revocable trust to pay for the federal/state tax… read more
Lev
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Irrevocable Trust Question - Taxpayer had a revocable trust
Irrevocable Trust Question -Taxpayer had a revocable trust in place prior to death which turned into an irrevocable in 2015 because of his death. The trust holds 100% of 4 rental properties and the tr… read more
Stephen G.
Stephen G.
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I am the trustee of an irrevocable complex trust. as a
I am the trustee of an irrevocable complex trust . as a trustee I have to make distribution to beneficiaries of the monies in the trust Is the distribution of the money to the beneficiaries taxable an… read more
Lane
Lane
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Doctoral Degree
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Filed 2014 tax return by due date in 2015. In May of 2015
filed 2014 tax return by due date in 2015. In May of 2015 received k-1 tax year beginning 04/01/14 and ending 03/31/2015. Can I put this on the 2015 tax year and considered 2015 income as it ended 03/… read more
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Stephen G.
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My sister set-up a Living trust, which was funded with her
My sister set-up a Living trust, which was funded with her house, retirement, checking and savings accounts. She passed away this January. The trust was set-up to avoid probate. I was named trustee be… read more
Lev
Lev
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A Massachusetts irrevocable trust was established to protect
A Massachusetts irrevocable trust was established to protect the assets of a senior citizen from the high cost of senior facility care who is now living in a facility. The trustee is a family member t… read more
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Stephen G.
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I am a trustee for both a revocable trust that uses my ssn
I am a trustee for both a revocable trust that uses my ssn as a tax id, and an irrevocable trust that has it's own tax id and files it's own tax return. Last year a RMD was made from an inherited IRA … read more
Megan C
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My wifes mother put her house into an irrevocable trust on
My wife's mother put her house into an irrevocable trust on 7/9/09. Her mother died on 9/12/11. My wife and I bought out her three other siblings on 3/23/12; however, the trust was the name on the pur… read more
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Lev
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I am preparing a 1041 for 2010 (fiscal year) for a decedents
I am preparing a 1041 for 2010 (fiscal year) for a decedent's probate estate. The gross income (interest, dividends, capital gains, IRA distributions) is $81,230. The will provides for the residuary e… read more
William Ellis, CPA
William Ellis, CPA
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client died on 11/25/2008 and had a revocable living trust
client died on 11/25/2008 and had a revocable living trust with an EIN. executor (and also beneficiary) elected to receive 2 lump sum distributions from 1099R (1 is a 401K and 1 is an IRA) with trust … read more
Bill
Bill
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Question regarding legal trust agreement. Who pays the taxes
Question regarding legal trust agreement. Who pays the taxes on distribution? Paragraph from the trust: "The Trustees are authorized to credit additions and other receipts attributable to the Trust es… read more
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Bill
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Hi, i am trying to figure out a charitable trust, and some
Hi, i am trying to figure out a charitable trust, and some business expenses. do you have someone qualified to advise me on what my attorney calls 'a complicated matter'? thanks!… read more
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