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#1
04-05-2005, 08:34 AM
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 Re: IRS filing requirements for revocable living trust at death johndwalls[at]earthlink.net wrote: - quote - > Dad died last year leaving all his assets to me and my
That may depend on the state. In California, no.> brother via a "revocable living trust" naming us as "joint > successor trustees" and all assets were immediately > available to us without probate. > The firm that drew up the trust says it automatically > converts to an irrevocable trust upon dad's death. We plan > to file a final 2004 1040 for dad. Beyond that, I'm getting > conflicting info---do we or don't we file a 1041 for the > estate. - quote - > The CPA says no, take the money and run. The IRS info line
If not needed, you may combine each share of the estate's> says maybe we have to file a 1041. Note: small estate; no > estate tax for form 706 required. All live in same state; > all US citizens. > There has been a small amount of income produced since dad's > death. Some if this income is tax deferred, so no 1099's for > 2004 on that part. There's also a small home that has to be > sold. So, do we or don't we file a 1041 for the estate? income onto the 1040, but pursuant to the regulations under IRC 671, you have to attach a statement indicating that the 1040 has estate/trust income included in lieu of a 1041. This disqualifies you from e-filing. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-05-2005, 07:36 AM
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| Re: IRS filing requirements for revocable living trust at death johndwalls[at]earthlink.net wrote: - quote - > There has been a small amount of income produced since dad's
If you can promptly distribute the assets (without sale) to> death. Some if this income is tax deferred, so no 1099's for > 2004 on that part. There's also a small home that has to be > sold. So, do we or don't we file a 1041 for the estate? the beneficiaries, then I would likely not file a 1041. Any income since death would simply be picked up by the beneficiaries. However, if you sell something (the small home), then you just about have to file a 1041 to report that event. But, if the situation was otherwise very clean, I might even skip the 1041 in that case and simply have each beneficiary report their respective share of the sale. So, it sort of "depends" on how complicated the situation is. MTW << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-01-2005, 08:06 AM
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| IRS filing requirements for revocable living trust at death Dad died last year leaving all his assets to me and my brother via a "revocable living trust" naming us as "joint successor trustees" and all assets were immediately available to us without probate. The firm that drew up the trust says it automatically converts to an irrevocable trust upon dad's death. We plan to file a final 2004 1040 for dad. Beyond that, I'm getting conflicting info---do we or don't we file a 1041 for the estate. The CPA says no, take the money and run. The IRS info line says maybe we have to file a 1041. Note: small estate; no estate tax for form 706 required. All live in same state; all US citizens. There has been a small amount of income produced since dad's death. Some if this income is tax deferred, so no 1099's for 2004 on that part. There's also a small home that has to be sold. So, do we or don't we file a 1041 for the estate? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| death, filing, irs, living, requirements, revocable, trust |
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