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Trust Tax Return - A living trust turned irrevocable once
Trust Tax Return -A living trust turned irrevocable once individual passed away. The trust only has investments - a brokerage account that holds stocks and bonds. Every year a distribution is made tha… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I'm the executor of my mother's estate. She passed in Dec
I'm the executor of my mother's estate. She passed in Dec 2017. I cashed her u.s.savings bonds and realized an interest of $15,240. I later found 158 shares of Anthem stock she owned . I sold that for… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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I have a question regarding taxes for a trust. One. I've
I've been told by one CPA that I do not need to file this year, just my deceased grandparents' personal taxes. Just want to make sure… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
I was. Charged with capital gains tax in 2017, I did not
Charged with capital gains tax in 2017, I did not receive distribution from the sale, it's happenng again this year. I belong to a trust, I am a beneficiay … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,627 satisfied customers
If my parents contribute to my child's trust, of which I
If my parents contribute to my child's trust, of which I have fiduciary control, and I take out money from that trust to pay for my child's medical expenses... is there any tax liability along the way… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
Advisor I'd like you to walk me through the calculation to
For Lev Tax Advisor I'd like you to walk me through the calculation to do a k1 distribution for the trust that we talked about. What info do I need (expenses, depreciation?, income, anything else?) Is… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,671 satisfied customers
Loss on sale of condo by irrevocable trust( created at death
Loss on sale of condo by irrevocable trust( created at death of father) in 2016 - sold in 2016. Can this be used as offset against 2016 or should pass through to beneficiaries ( children) to report on… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
Want to set up a trust for my grandchild. Nevada. my
Nevada. my grandson just turned one year old. My wife and I, both around 70 and retired, with SS benefits and investment incomes, plan to start the trust with $20,000 now, and add $20,000 every year in an investment account for distribution when he turns 21. I am looking for an arrangement so the income generated will not be taxed until distribution, similar to a ROTH IRA. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
Thank you my question, I have a question about Form 1041,
Thank you for taking my question, I have a question about Form 1041, section B, line 10 "Other amounts paid, credited, or otherwise required to be distributed". Should I use this line to record a Comp… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
Shares in a mutual fund held by trust set up children were
Shares in a mutual fund held by trust set up for my children were distributed to the children. The trust has no obligation to distribute income or gains. The basis in the shares is more than the curre… read more
Lev
Lev
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Bachelor's Degree Equivalent
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My husbands father recently passed and left a trust. My husband
My husbands father recently passed and left a trust. My husband is the executor of the trust and directed to pay himself and his 2 siblings 33 1/3 of the trust. The trust is made up of 580,000 in a mo… read more
Lev
Lev
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Bachelor's Degree Equivalent
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I am personal representative for the Estate of my wifes grandmother.
I am personal representative for the Estate of my wife's grandmother. The Estate was closed in 2013, but has been open since 2006. No tax returns were ever filed. Her home, which a beneficiary was liv… read more
Megan C
Megan C
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Im completing a final 1040 for a decendent who has a K-1 from
I'm completing a final 1040 for a decendent who has a K-1 from a publicly traded LP showing non-recourse liability (NRL). I need to compute the step-up in basis in order to determine the amount of ord… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I am the trustee of a trust set up by my mother in law to benefit
I am the trustee of a trust set up by my mother in law to benefit her three daughters. This year the trust had distributable income, but no taxable income. Distributions are not required by the trust … read more
Lev
Lev
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Bachelor's Degree Equivalent
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I intended to file an election to treat a QRT as part of an
I intended to file an election to treat a QRT as part of an estate. I also wanted the first 1041 to be the final 1041. Fiscal year for trust's EIN is March 31. Earlier work indicated I would probably … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,671 satisfied customers
this question concerns the tax treatment of a irrevocable complex
this question concerns the tax treatment of a irrevocable complex trust that was established for estate purposes. it is my understanding that my deceased mother's 800 shares of chevron stock (in certi… read more
Jax Tax
Jax Tax
Senior Tax Attorney
Master's Degree
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SIX ESTATE TAX QUESTIONS FOR VERIFICATION John and Mary
SIX ESTATE TAX QUESTIONS FOR VERIFICATION John and XXXXX XXXXX placed all their property in an AB Revocable Trust. The terms of the trust provided that after John's death the trust corpus/property was… read more
Brenda Guy
Brenda Guy
Certified Public Accountant
Master's Degree
151 satisfied customers
Greetings, I am the trustee of an ILIT. I followed all
Greetings, I am the trustee of an ILIT. I followed all of the Crummey rules, etc. Upon my dad's death in 2009, the trust was funded with (only) term life insurance proceeds. I am now distributing the … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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