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I made a 1035 exchange of life insurance policies within an
I made a 1035 exchange of life insurance policies within an irrevocable trust and received the 1099-R with Code 6 in box 7. I am filing a 1041 for that trust to report some income. How do I report the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
I need to ask a question about trusts. There were 4 kids in
I need to ask a question about trusts. There were 4 kids in my family. I am the oldest. My dad was an undertaker and he and my mom set up several trusts for us kids. One was an irrevocable income trus… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
I need assistance completing the tax filing for a special
I need assistance completing the tax filing for a special needs trust fund … read more
Rick
Rick
MBA
9,747 satisfied customers
My mom has passed. there was an irrevocable trust, which all
my mom has passed. there was an irrevocable trust, which all interest earned will be filed on her income tac form, sine the 1099 int form is in her name and SS #..as the trustee of the acc, I distribu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
Does the carryover loss from deceased mother's trust get
does the carryover loss from deceased mother's trust get carried forward on the transfer of assets in the sons new trust … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
I have a question about creating a trust to keep owners
I have a question about creating a trust to keep owners private. I have two properties that I want to put into a trust. How can I create a trust? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,181 satisfied customers
Lane! Thank you for your answer, it is greatly appreciated.
Hi Lane !Thank you for your answer , it is greatly appreciated.I wasn't sure who would get the rating , my apologies - I'd like to rate both of you 5 stars.While it's true that I had directed my quest… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
20,710 satisfied customers
Is a Section 1301 management trust created by a probate
Is a Section 1301 management trust created by a probate court in Texas for an incapacitated person considered a grantor trust for federal income tax purposes? … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
With a s and her donor trust when the tax SSN belongs to the
With a his and her donor trust when the tax SSN belongs to the one who dies first, what to do about tax ID and continuing revocable trust? Does the trust have to be redone?… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,661 satisfied customers
In A- revocable trust, with assets under 2 million, and
In A-B revocable trust, with assets under 2 million, and first spouse has now died (both equal grantors and executors), are all assets in trust stepped up in basis, or must trust be divided as origina… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
Shawn, I just reviewed the question asked previously
Hi Shawn, I just reviewed the question asked previously regarding the "grantor" question in establishing tax i.d. for revocable lvg trust where grantor has passed. You stated it is o,k. to have the re… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,661 satisfied customers
I don't know if Form 8855 was filed the first year my accountant
I don't know if Form 8855 was filed the first year my accountant applied for a tax ID and filed a return for my deceased parents' trust. My accountant is now deceased and the new CPA is using software… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,661 satisfied customers
Father inlaw died in late December 2012 with an revocable trust,
Father inlaw died in late December 2012 with an revocable trust, that upon death established two irrevocable trusts, one marital and the other non-marital. It took until Sept 2013 to split and get IRS… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,661 satisfied customers
I have a client who has received a 1099r made out to Name Family
I have a client who has received a 1099r made out to Name Family Trust using the Trust federal ID number. It's a total distribution with no taxable amount and a code of 6. We don't have to file a trus… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,667 satisfied customers
Hi Steve; Im back to the 1041 and 1065 question. This couple
Hi Steve; I'm back to the 1041 and 1065 question. This couple had two trusts, each spouse their own. When the husband died, his trust became irrevocable and his wife has full control over the assets. … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
8,661 satisfied customers
i still have a question - this was a revocable family trust
i still have a question - this was a revocable family trust - are you now saying that the trust is irrevocable, even those both individuals are named as trustees of the trust… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
40,820 satisfied customers
What is the cost basis of a house owned by a parent transfered
What is the cost basis of a house owned by a parent transfered to a trust held by her children when the house is sold; assuming the parent is a). Alive and B). Deceased ?… read more
socrateaser
socrateaser
1,544 satisfied customers
After the death of my father-in-law (everything held in family
"After the death of my father-in-law (everything held in family trust) we set up a disclaimer trust for part of the funds. My mother in law the remaining Trustee. My husband their son is the Successor… read more
Bill
Bill
Master's Degree
3,255 satisfied customers
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