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My mom passed away June 2021. I'm the executor. I have an
My mom passed away June 2021. I'm the executor. I have an ein # which states on that form that I need to file a 1041. $1000 IRA was closed and funds transfered to her checking acct but I haven't recei… read more
emc011075
emc011075
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Bachelor's Degree
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My mother has recently died. All of her assets are held by a
My mother has recently died. All of her assets are held by a trust and will be disbursed to her children. What taxes are owed on this? … read more
ALEX O
ALEX O
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I would like to confirm my understanding of some of the
I would like to confirm my understanding of some of the basic tax rules pertaining to Revocable Trusts upon the Death of the Grantor.By way of example, let's assume: the Grantor creates a Revocable Tr… read more
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Do beneficiaries of an irrevocable trust receive any kind of
Do beneficiaries of an irrevocable trust receive any kind of statement, 1099 or K-1, when the inheritance is distributed? … read more
emc011075
emc011075
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My fathers estate has come to the payout date and we are
My fathers estate has come to the payout date and we are receiving our checks soon. I was told that I would also be receiving a tax form and a cover sheet also. I'm confused as what I am reading says … read more
emc011075
emc011075
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You mentioned earlier that a technique for minimizing estate
You mentioned earlier that a technique for minimizing estate taxes would be to distribute funds taxable to the beneficiaries (and deductible to the Estate), who then could lend money back to the Estat… read more
Lev
Lev
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Need to liquidate some (not all)stocks held in an Irrev.
need to liquidate some (not all)stocks held in an Irrev. Trust If I sell the stocks within the trust, the trust will pay the capital gains tax, Correct? Is there a way I can distribute them in kind to… read more
Lev
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Does the attorney that your parents hired, large estate.
Does the attorney that your parents hired, large estate. Typically continue working with the executor who in my case is my parents daughter continue to work with executor until death tax return is fil… read more
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Do I report (in kind) stock transfers to beneficiaries of a
do I report (in kind) stock transfers to beneficiaries of a residuary trust as it closes out in 2017? Stock transfers took place late last year and assumed date of death basis. remaining fractional sh… read more
Lev
Lev
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My mother just passed away recently, and among other things,
Hi my mother just passed away recently, and among other things, she left a few CD'S for my sister and I to split. The CD's were opened in trust for us and we are the only beneficiaries as well. My que… read more
Lev
Lev
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I'm not a listed beneficiary in a living trust; the
I'm not a listed beneficiary in a living trust; the beneficiaries had the Trustee send me a $25K check. Accountant doing the trust's taxes is sending me a K-1 for that payment. Is the $25K a "gift" or… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
7,676 satisfied customers
My uncle and aunt have a trust and both are dead my aunt
My uncle and aunt have a trust and both are dead my aunt died in 2013 and my uncle died in 2015. the trust is still valid and no distribution made. How do we file the 2015 trust return. Who we will is… read more
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A complex trust has existed for 5 years. Only deposit to trust
A complex trust has existed for 5 years. Only deposit to trust was $10,000, which was invested in a mutual fund. Only activity in mutual fund is quarterly dividends totaling $500 over 5 years; no capi… read more
Lev
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My mother had a revocable trust and my father had the right
My mother had a revocable trust and my father had the right to use the income/interest to the trust. When she passed away an EIN was gotten and my father put it in as a grantor trust on the Form 1041 … read more
Stephen G.
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Here are the details, the amounts were rounded to make things
Here are the details, the amounts were rounded to make things simpler, the trust invests in all stocks/bonds, the trust is managed by an outside advisor, the beneficiary does not participate in invest… read more
MequonCPA
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My mother, who passed away in May 2008, had a revocable living
My mother, who passed away in May 2008, had a revocable living trust. All the assets of the trust were stocks for various companies and have been transferred to her 5 beneficiaries. I applied for a ne… read more
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My deceased Mothers complex trust held funds and securities
My deceased Mother's complex trust held funds and securities that could be used to care for Dad during his lifetime. Dad died recently and we are about to make the final distribution from the fund (eq… read more
MequonCPA
MequonCPA
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In 2006, after the death and probate of my mothers will,
In 2006, after the death and probate of my mother's will, I inherited a trust (held in Penn) of less than $200,000. That trust was liquidated and immediately invested in Mutual funds. Later, I withdre… read more
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Lev
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