Preparing final return for estate (contested Will handled through probate) that had no income 2020 only $65K cash remaining from 2019 home sale proceeds. In Jan 2020 those same proceeds poured over into the Living Trust of the couple for the benefit of the surviving spouse.
In filing the final 1041 for the estate, should the information...
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K-1 no income
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Irrevocable Life Insurance Trust - Termination Question
I have a client who is insured (The Grantor) under an Irrevocable Life Insurance Trust (ILIT). My client wants to terminate the trust and the two children who are named beneficiaries in the trust are fine with the termination. However my client is now asking me what the tax consequences are. I have tried to research but I have not been successful.... -
Trust sending 1098 Mortgage?
I've avoided trusts as much as possible, I know my limitations but this involves me personally so I can't avoid it. When my father-in-law died he left substantial farm land in a trust. The trust had to borrow money to pay the estate tax. Now all 3 beneficiaries have to give the trust $500 a month to pay the interest only loan. The trust issued... -
Basis of real property in revocable trust settlor's death
Settlor placed her personal residence (never used as business or rental property) in a revocable trust. She died and the trustees sold the house in accordance with the trust. Is the house allowed a step-up basis? -
Rental RE in a Trust - qualifies for $25,000 special allowance?
Client inherited a rental property from father in 2009, but property is held in a Trust in client's name until she turns 45. I am doing the Trust's 1041 this year for first time. (Previous preparer had many, many errors from what I can tell, but that is a story or two for another day.) The client (both fiduciary and beneficiary of the Trust) definitely... -
Trust beneficiary and Schedule E
Does a trust beneficiary who receives only portfolio income need to file p.2 of Schedule E with the name and EIN of the trust? I always thought they did, but I just noticed that my software doesn't even fill out a Schedule E in that case.