Archive for the ‘United States’ Category
cls asked:
As beneficiaries of an annuity listed under a family trust, is this money taxable by the IRS. If so, is it taxable to the decedent’s tax or the beneficiaries taxes? Is just the money earned from the annuity taxable or is the whole amount of the annuity taxable?
Fausto Swift
As beneficiaries of an annuity listed under a family trust, is this money taxable by the IRS. If so, is it taxable to the decedent’s tax or the beneficiaries taxes? Is just the money earned from the annuity taxable or is the whole amount of the annuity taxable?
Fausto Swift
Ray asked:
6 Months before Mom passed away the Family Trust was funded with her house. Do we pay capital gain taxes on the original cost of the house?
Victor Adelizzi
6 Months before Mom passed away the Family Trust was funded with her house. Do we pay capital gain taxes on the original cost of the house?
Victor Adelizzi
BONNIE K asked:
My family has an irrevocable simple trust and every year we must distribute all of the earnings of the trust- not the capital but the earnings. I usually figure the earnings as close as possible and write Mom a check for the distribution. Naturally she pays income taxes on these funds by way of a K-! on her income tax. This year she would like to distribute the earnings to other beneficiaries of the trust. My question is can I write the checks(I am the trustee) in January 2008- for the year 2007 and issue a K-1 before February 15 to the other beneficiaries so that they can include the amounts on their taxes. I guess my questions is about dates- can a check I write in Jan 2008 for earnings in 2007 be filed for 2007 tax
return and what are the deadlines for me getting the k-1s to the beneficiaries. This was never a problem since Mom took all distributions every year and I wrote the check in December for the year. This is a small simple family trust in effect for 10 years. Help
Charlott Snellbaker
My family has an irrevocable simple trust and every year we must distribute all of the earnings of the trust- not the capital but the earnings. I usually figure the earnings as close as possible and write Mom a check for the distribution. Naturally she pays income taxes on these funds by way of a K-! on her income tax. This year she would like to distribute the earnings to other beneficiaries of the trust. My question is can I write the checks(I am the trustee) in January 2008- for the year 2007 and issue a K-1 before February 15 to the other beneficiaries so that they can include the amounts on their taxes. I guess my questions is about dates- can a check I write in Jan 2008 for earnings in 2007 be filed for 2007 tax
return and what are the deadlines for me getting the k-1s to the beneficiaries. This was never a problem since Mom took all distributions every year and I wrote the check in December for the year. This is a small simple family trust in effect for 10 years. Help
Charlott Snellbaker
Maggiesmama25 asked:
This is regarding my grandfather family trust. My father is confused as to what o do about these forms.
There is money to distribute from a sale of stock and he doesn’t know if it is a short term or long term capital loss.
Please help as he is homebound and unable to get these answers.
He has tried contacting a few attorneys in his area but he has serious health problems and can not go to offices.
I can’t do it for him as he is the one that is needed to sign and discuss this. What can we do?
Brian Zeilinger
This is regarding my grandfather family trust. My father is confused as to what o do about these forms.
There is money to distribute from a sale of stock and he doesn’t know if it is a short term or long term capital loss.
Please help as he is homebound and unable to get these answers.
He has tried contacting a few attorneys in his area but he has serious health problems and can not go to offices.
I can’t do it for him as he is the one that is needed to sign and discuss this. What can we do?
Brian Zeilinger
Sean C asked:
I am a designated beneficiary in a family members trust. The amount in the trust is $2,000,000.
When I receive my inheritance, along with the ohters mentioned in the trust, will I have to pay any taxes on that inheritance? Or will I receive the entire percentage designated to me without any taxation.
I am a designated beneficiary in a family members trust. The amount in the trust is $2,000,000.
When I receive my inheritance, along with the ohters mentioned in the trust, will I have to pay any taxes on that inheritance? Or will I receive the entire percentage designated to me without any taxation.
Thanks
Leroy Leroy
Brandon P asked:
Every year, $11k has been added to a trust fund for me and my family (poor me). This is the limit to not be taxed as a gift. When I access the money from the fund, will I have to pay income tax on it? Or is it just that the capitol gains are taxed like an investment or mutual fund?
Every year, $11k has been added to a trust fund for me and my family (poor me). This is the limit to not be taxed as a gift. When I access the money from the fund, will I have to pay income tax on it? Or is it just that the capitol gains are taxed like an investment or mutual fund?
Thanks!
Abigail Mcconahy
Dustin asked:
We inherited the house from a beloved family member. he left money in the trust but the uncle been taking money out for unknown reasons. Between everyone income we don’t have enough to cover the total we are struggling. I have three kids and we are in need of help.
Rosalia Holliday
We inherited the house from a beloved family member. he left money in the trust but the uncle been taking money out for unknown reasons. Between everyone income we don’t have enough to cover the total we are struggling. I have three kids and we are in need of help.
Rosalia Holliday
curious_fooda asked:
Inheritance is less than 200k and due to a family member’s demise and as I said before, it was not from an offshore trust of any kind.
Carmela Lozowski
Inheritance is less than 200k and due to a family member’s demise and as I said before, it was not from an offshore trust of any kind.
Carmela Lozowski
Naomi S asked:
My mother was part of a family trust between four siblings. She and another recently sold their portion to the two other siblings. What can my mother expect tax-wise. Does this money count as income?Should she reinvest? Any help is greatly appreciated!
My mother was part of a family trust between four siblings. She and another recently sold their portion to the two other siblings. What can my mother expect tax-wise. Does this money count as income?Should she reinvest? Any help is greatly appreciated!
No stupid answers please.
Gia Wescom
iconv asked:
My grandmother passed away and I am looking to purchase her house. The house now belongs to her trust, ‘the estate of …’. I will need to take out a $185,000 loan even with a down payment of over 20%.
My grandmother passed away and I am looking to purchase her house. The house now belongs to her trust, ‘the estate of …’. I will need to take out a $185,000 loan even with a down payment of over 20%.
IRS tax form 5405 states: “Who Cannot Claim the Credit” “You acquired your home from a related person. A related person includes: Your spouse, ancestors (parents, grandparents,
etc.), or lineal descendants (children, grandchildren,
etc.).”
It sounds pretty clear that if she was alive, I would not qualify. But by my interpretation of the wording, I am not buying this from my grandparent, a person; I am buying it from her trust/estate, an entity.
Do I qualify for the credit? If possible, please reference your answer. Thanks in advance!
Genie Maczko