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Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself. Answers to your estate planning questions so you can take care of your family and yourself.
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Archives

Tag Archives for: "1041 return"
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 Must Trust With No Income File Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted March 27, 2024

Must Trust With No Income File Return?

Question: My husband and I have our home in an irrevocable trust with no income. Do we file a regular personal income tax return (1040) with no mention of the trust? Response: That’s right, [...]

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 Must Estate Distribution Be Reported on 1041 Income Tax Return?
0
By Harry Margolis
In Probate
Posted March 13, 2024

Must Estate Distribution Be Reported on 1041 Income Tax Return?

Question: I am starting a 1041 for my Mom’s estate and had a question about distributions. My sister acquired my Mom’s share of the house they both owned and lived in together. Is my [...]

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 Does Trust with Little Income Have to File Tax Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted March 6, 2024

Does Trust with Little Income Have to File Tax Return?

Question: My father passed away in August of 2023. He had a revocable trust naming me and my sister as co-executors. He had one bank account worth $100K. No real estate. Once he passed, we [...]

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 Will Appointment of Trustee Cause Taxation of Trust in Their State?
0
By Harry Margolis
In Revocable Trusts
Posted February 16, 2024

Will Appointment of Trustee Cause Taxation of Trust in Their State?

Question: The online trust services I have contacted (LegalZoom, Trust & Will) include standard recitations that the overseas grantor lives in a US state with no option not to select one. I [...]

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 How Do I Report My Trust Income?
1
By Harry Margolis
In Irrevocable Trusts
Posted October 31, 2023

How Do I Report My Trust Income?

Question: How is my fiduciary income from an irrevocable trust taxed. I received $8,880. What IRS forms do I file? Response: I am assuming you are asking as a trust beneficiary. If so, your trust [...]

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 Must Irrevocable Trust with Just $10 of Income File 1041 Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted May 2, 2022

Must Irrevocable Trust with Just $10 of Income File 1041 Return?

Question: Does our trustee need to file a tax return for 2021 for our irrevocable trust established on Dec 17, 2021? The only assets in the trust are our house we are still living in and some [...]

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 Must Irrevocable Grantor Trust File Tax Return for House Sale?
0
By Harry Margolis
In Irrevocable Trusts
Posted February 18, 2022

Must Irrevocable Grantor Trust File Tax Return for House Sale?

Question: I sold my house in December 2020. It was the only thing in my irrevocable grantor trust. Do I have to file a 1041 for 2020? Response: Technically, yes. Practically, perhaps not. Either [...]

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 Should I File a Trust Income Tax Return?
0
By Harry Margolis
In Irrevocable Trusts
Posted February 1, 2022

Should I File a Trust Income Tax Return?

Question: A final income tax return was filed for my parents’ trust in 2015. In 2021 the trust received income (approximately $2,400) from a claims settlement along with a 1099 . Should I [...]

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 How Do You Report the Income on a Nominee Realty Trust
0
By Harry Margolis
In Revocable Trusts
Posted January 4, 2019

How Do You Report the Income on a Nominee Realty Trust

Question: How Do You Report the Income on a Nominee Realty Trust Are Nominee Trusts (or Realty Trusts) revocable by nature? Since they don’t require a trust tax return at the end of the [...]

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Wondering if a trust makes sense for you?

This comprehensive guide provides all you need to know (in plain English).

Harry Margolis book: The Baby Boomers Guide to Estate Planning

Get the Book
(An Amazon Prime Reading selection)

Read Sample Chapters

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