Tag Archives: Trust 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?” 

Property Taxes and Trusts

Today TaxMama® hears from Lee in the TaxQuips Forum who wants clarification. “Are property taxes lower when a house is in a trust?” 

Inheritance

Today TaxMama® hears from Barbara in the TaxQuips Forum, with these questions. “My mother has me as beneficiary on an annuity she had. Will that be considered income for me and taxable? Also she left her house in a trust. Are there any tax issues I need to know about?”  

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

White House Releases New Tax Proposal Regarding Estate and Gift Taxes

Courtesy of NAEA’s E@lert www.naea.org The plan would require “consistent valuation [of property] for transfer and income tax purposes.” According to the White House, the estate and gift tax provisions would raise $24.2 billion over ten years. Taxpayers would be obligated to report the same cost basis for inherited property for the purposes of both […]

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?”