|
Posted by Stuart A. Bronstein on July 5, 2008, 2:26 pm
Please log in for more thread options > kennethcrogoshe...@gmail.com wrote:
>> I need to know what IRS Form to use to file a Form for the Trust
>> and since all income comes to me personally, what IRS Form do I
>> have to file. The Trust has its own I.D. number for the trust,
>> and of course I file with my Social Security Number.
>
> It sounds as though this may be a revocable trust, where the
> grantors and the beneficiaries are the same individuals. This is
> what is sometimes known as a "grantor" or "inter vivos" (among the
> living) trust. If that is the case, the trust has no income tax
> filing requirement. All of the trust's income and expenses are
> reported on the grantor's 1040.
Katie's absolutely right about that, but I feel the need to make a
clarification. Not all intervivos trusts are grantor trusts. An
intervivos trust is whatever is not a testamentary trust, meaning a
trust created in someone's will. Irrevocable intervivos trusts that
did not start out as revocable trusts (while rare) are generally not
grantor trusts.
Stu
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap