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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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Tag Archives for: "1041 return"
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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?
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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: Are Nominee Trusts (or Realty Trusts) revocable by nature? Since they don’t require a trust tax return at the end of the year, and it is my understanding that they are of [...]

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