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A complex trust: there is a distribution of principal
A complex trust: there is a distribution of principal pursuant to withdrawal rights of the beneficiary. Trust has ordinary income(dividends and rents) plus 100,000. capital gains from sale of stock. T… read more
Chad EA, CDFA®, CFP®
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How does your service work? A revocable family trust
A revocable family trust purchased a rental house 10 years ago. After death (6 years ago) it became an irrevocable trust. The trust sold the rental home last month for a profit. All proceeds were deposited to the trust. The trust will pay the capital gains tax on the sale as the beneficiaries do not want to pass the profits through to themselves. As the home was rented for 6 years after death there is no step up basis so the trust will pay abt 40%. The trust is still active and owns more rental property. The beneficiaries/trustees want to take the profit from this sale out of the trust. As capital gains are not considered profit for a K-1 distributions can the beneficiaries take the money out as inheritance? If so, how is it reported? … read more
Lane
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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.
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I have a Grantor trust with a rental house in it. I have
I have a Grantor trust with a rental house in it. I have filed 1041 in the past. Can I move into the house and pay rent? or could I move in the basement apartment and rent the main floor above?… read more
Stephen G.
Stephen G.
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my name is*****'m the trustee of my mom's trust who
Hi my name is***** the trustee of my mom's trust who passed away in 2013. I sold her car out of the trust and was wondering if I need to put it as income to the trust for 2014? Also, she has several r… read more
Stephen G.
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I am preparing a 1041 complex trust. The trust consists of
I am preparing a 1041 complex trust. The trust consists of brokerage investments and a house. The beneficiary of the trust is the son of the person who died. The trust pays him some money each year an… read more
Lev
Lev
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I am the trustee of my Dad's trust. Once the trust has paid
I am the trustee of my Dad's trust. Once the trust has paid taxes on profits( from 2 rental houses) via tax form 1041, can those profits be distributed to the trustees without being taxed again? Or wi… read more
Stephen G.
Stephen G.
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Q1. Can the trust take a depreciation deduction of $20,000
Q1. Can the trust take a depreciation deduction of $20,000 or is it limited by other passive activity rules to its rental gain of $2000? Q2. If both are valid, which is the better choice? Q3. Is the o… read more
Stephen G.
Stephen G.
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Client lives in Oregon, 2 children are beneficiaries of a Calif.
Client lives in Oregon, 2 children are beneficiaries of a Calif. trust, the K-1 income for each beneficiary is $2,335 for TY '13. The beneficiaries are residents of Oregon, do they need to file a Cali… read more
Lev
Lev
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Father died in 2012, Mother dies in 2013. College age kid is
Father died in 2012, Mother dies in 2013. College age kid is only child. Mother had grantor revocable family trust while alive. Assets were a rental property and some checking accounts. Trustee applie… read more
Lev
Lev
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My mothers estate trust includes several assets, one of which
My mother's estate trust includes several assets, one of which is an unoccupied personal residence. My presumption is that the maintenance expenses (utilities, lawn mowing, etc) are not deductable on … read more
Lev
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Hello, I am doing a 1041 for an estate (not a trust) and
Hello, I am doing a 1041 for an estate (not a trust) and there is a real estate rental property with a large loss before depreciation. All assets and beneficiaries are in California. There is very lit… read more
jgordosea
jgordosea
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Would you confirm my understanding of how a real-estate transaction
Would you confirm my understanding of how a real-estate transaction will be reported? My father died in 2006, and my mother transferred the family home into a revocable trust, with my two brothers and… read more
Lev
Lev
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question on simple trust---joint taxpayer died--under will
question on simple trust---joint taxpayer died--under will created a simple trust income to wife for life at her death--to children.- in trust added residence--n.j.--wife now a resident off florida--t… read more
MequonCPA
MequonCPA
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Doing Form 1041 for a simple trust with one beneficiary. Income
Doing Form 1041 for a simple trust with one beneficiary. Income from the trust is distributable to the beneficiary and I've calculated the DNI using TurboTax. My question is whether the "Qualified div… read more
MequonCPA
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Tax law - Im the executor of my mothers estate. I have a
Tax law - I'm the executor of my mother's estate. I have a disabled brother who has a supplemental needs trust. My mother's only asset was her house. I attempted to sell the house after spending more … read more
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This is the first time filing a form 1041 for a simple ...
This is the first time filing a form 1041 for a simple trust with one beneficiary. The trust has rental properties with losses. Are these losses considered passive income? Is this return an informatio… read more
jgordosea
jgordosea
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Bachelor's Degree
2,885 satisfied customers
An elderly client had put a rental property in the ...
An elderly client had put a rental property in the "B" section of a living trust after her husband's death and sold the property about 1-1/2 years later for a gain of approximately $150,000 higher tha… read more
MequonCPA
MequonCPA
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