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IRS Tax Questions: 1. What happens to suspended capital
IRS Tax Questions: 1. What happens to suspended capital losses when someone dies and there is no estate return? Are they lost? Please provide IRS references and articles. 2. Please explain the rules f… read more
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Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I am receiving $$$ for managing a trust. I received a modest
I am receiving $$$ for managing a trust. I received a modest amount this year which I assumed was going to be taxable to me. It was issued on a K1 box 12 A as an AMT. I have been back in school this y… read more
Lev
Lev
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How do Ii report moving property (real estate) from a trust
How do Ii report moving property (real estate) from a trust to my LLC. I am the sole surviving family member, trustee of the trust and have inherited all assists in and out of the trust. Is this a dis… read more
Lev
Lev
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Bachelor's Degree Equivalent
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Same question on the taxation of interest and dividends (on
Same question on the taxation of interest and dividends (on mutual funds) earned inside a disclaimed portion trust ... disclaimer trust . The original owner of a trust passed and the spouse declined a… read more
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Lev
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Bachelor's Degree Equivalent
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Husband suddenly died in 2015. Husband and wife filed
Husband suddenly died in 2015. Husband and wife filed jointly (and disclosed it was H's last tax return) in 2015. H had IRA with bank. W was sole beneficiary under IRA. W paid all RMDs on H's and her … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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If Estate/Trust has no obligation to distribute income, and
If Estate/Trust has no obligation to distribute income, and only income was decedent's IRA MRD taken by estate after decedent's death, and this amount is mostly offset by Estate/Trust administrative e… read more
Lev
Lev
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Bachelor's Degree Equivalent
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A non-qualified annuity in a trust account was liquidated
A non-qualified annuity in a trust account was liquidated shortly after the owner death … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am the trustee of an irrevocable trust established after
I am the trustee of an irrevocable trust established after my dad's death, as a resident of North Carolina in 2011. I live in DC. DC says I need to file a D-40 state return if I am a fiduciary of a DC… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I'm preparing a Form 1041 trust left by my late husband. I
I'm preparing a Form 1041 for a trust left by my late husband. I am both trustee and sole beneficiary. I have paid H&R Block the last 2 years and am using those returns as a guide to do this year's by… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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My husband & I have a revocable living trust where we were
Hi. My husband & I have a revocable living trust where we were both trustees, then he resigned & I was sole trustee, then he became incapacitated, then I appointed an institutional co-trustee to serve… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,992 satisfied customers
I received a 1099-R which is from my deceased husband IRA
I received a 1099-R which is from my deceased husband IRA which is set up in a family trust with it's own Trust ID number. I am the trustee and have access to this money. How should I report this 1099… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am a New York State resident. I received beneficiary
I am a New York State resident. I received beneficiary income from my fathers living trust from a non retirement annuity. My father was a South Carolina resident when the trust was set up 35 years ago… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I have a 1099-R estate tax return. Its an IRA with
I have a 1099-R for an estate tax return. Its an IRA with a code of 4 in box 7 Where does that go on the 1041 return.… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I received a 1099-r because I withdrew $57,000 from a trust.
I received a 1099-r because I withdrew $57,000 from a trust. I had 20% federal taxes withheld. Is there a way to pass this tax credit through to me, the beneficiary so I can report on their k-1? The t… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am the trustee of an IRA Trust for my sibling. This is the
I am the trustee of an IRA Trust for my sibling. This is the first year I will be preparing the Form 1041 and Schedule K-1. I have a 1099-R for the RMDs that were taken this year and paid to the Trust… read more
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Lev
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THIS REFERS TO "IRREVOCABLE TRUSTS". WHEN I FILE FORM 1041
THIS REFERS TO "IRREVOCABLE TRUSTS". WHEN I FILE FORM 1041 AND SHOW THAT THE INCOME FROM THE TRUST IS DISTRIBUTED 100% TO THE TRUSTEE WHO REPORTS THE INCOME ON HIS FORM 1040 AND THUS PAYS TAX ON THE I… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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I have received a Schedule K-1 from my step-mothers living
I have received a Schedule K-1 from my step-mother's living trust in Massachusetts. The only amounts on the schedule are for final year deductions: A 2,959 B 2,797 C 18,916 My question pertains to the… read more
socrateaser
socrateaser
43,154 satisfied customers
I have what I thought was a simple question, but I have ...
I have what I thought was a simple question, but I have received two different answers from the IRS, a financial advisor, and a lawyer. In addition, most of the information on the web has to deal with… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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