Question: Which Massachusetts tax form do I file for a nominee real estate trust? The only income is interest earned of $1,600 from the proceeds sitting in a bank account until they were [...]
For the most part, trusts don’t pay taxes on their income, instead passing the income through to the trust beneficiaries. But when they do pay taxes, the tax rates are often higher than [...]
Question: I am a remainder beneficiary of an irrevocable Special Needs Trust. The beneficiary has died and I will get my share of the final disbursement. I have been told that much of the trust [...]
Question: Does the trustee of an irrevocable trust pay income tax on the fee they charge the trust? Would that fee then be a deduction from trust income? Response: Yes on both counts. Fees earned [...]
