Thanks for clarifying the principle funds disbursement. What about capital gains? Will the Trust first pay the capital gains tax, before disbursing the remaining principle/funds?
How do you file for the deceased spouse(trustee) when his/her share becomes irrivocable? Can the surviving spouse(trustee) file it in form 1040 MFJ status? Or there will be a 2 trust now. One revocable and one is irrivocable?
Good video. I do tax work in Ohio but don't have as much experience doing estate tax work. I have an interesting situation. There is a grantor trust that had a residence in it. After the death of the grantor, the house was sold and funds distributed to beneficiaries. They got a tax ID for the trust to setup a bank account to put the funds into. For filing the trust return, I read since there was no probate or a executor needed, a form 8855 could be filed to elect to treat the trust as an estate instead of part of one. I haven't found much of anything on this situation when I've looked through the research web libraries I'm subscribed to or IRS publications. It all seems a bit vague on the subject. With the difficulty in finding this answer, it might be a good idea for a new video you could do.
Thanks for clarifying the principle funds disbursement. What about capital gains? Will the Trust first pay the capital gains tax, before disbursing the remaining principle/funds?
How do you file for the deceased spouse(trustee) when his/her share becomes irrivocable? Can the surviving spouse(trustee) file it in form 1040 MFJ status? Or there will be a 2 trust now. One revocable and one is irrivocable?
Good video. I do tax work in Ohio but don't have as much experience doing estate tax work. I have an interesting situation. There is a grantor trust that had a residence in it. After the death of the grantor, the house was sold and funds distributed to beneficiaries. They got a tax ID for the trust to setup a bank account to put the funds into. For filing the trust return, I read since there was no probate or a executor needed, a form 8855 could be filed to elect to treat the trust as an estate instead of part of one. I haven't found much of anything on this situation when I've looked through the research web libraries I'm subscribed to or IRS publications. It all seems a bit vague on the subject. With the difficulty in finding this answer, it might be a good idea for a new video you could do.
Whoa someone’s been out in the sun!