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, [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]

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 [...]