Tag Archives: Common law

Trust Income

Today TaxMama® hears from Grandma in the TaxQuips Forum, who tells us.  “We have a rental, which was left to us in a trust. It only brings in $500.00 a mo which is $6,000 a year. It is very old and has quite a few repairs each year. We have always filed under the trusts […]

Irrevocable Trust

Today TaxMama® hears from RG in the TaxQuips Forum with an oxymoron. “Can an irrevocable living trust be changed by the person that created it?” 

Transfer S Corp to Trust

Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter  S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]

TaxMama’s Tax Roundtable – October Session

Note:  TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here? REPLAY today’s session below – you can listen and SEE the session and forms

Trustee Theft

Today we hear from Jack in Oregon who wants to know, “If a co-trustee of a irrevocable trust converts trust assets for his own use, can the trust take a theft loss deduction on the trust tax return?”