Discussion:EIN for trust at date of death
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Discussion Forum Index --> Tax Questions --> EIN for trust at date of death
| 23 August 2007 | |
| I have done a search for this answer and read many different scenarios that are similar but not exact so I wanted to start a new topic for this question:
1) My client’s father had established a revocable -- grantor, “living” – trust (I hope I'm using these terms properly as interchangeable?) prior to death, with two children and two grandchildren as beneficiaries, and one of the children as successor trustee. 2) Trust was funded with stocks, bonds, and personal residence. An EIN was opened for the grantor trust and some of the tax reporting, e.g. 1099-INTs/DIVs, for some of the assets were reported under this EIN. However, all income from the assets, prior to his death, was reported on the individual’s tax return under his SSN. 3) Prior to father's death, no tax returns previously had been filed, nor were required to be filed, for the trust under the EIN. 4) Father passed away in April 2006. I understand that at date of death the grantor trust converts to an irrevocable or administrative trust. We have filed an extension for the trust's 1041. My question is this: Should a new EIN have been obtained for the irrevocable trust that was created at the date of death or can the same EIN obtained for the original revocable trust be used for the 1041 tax returns and activities of the irrevocable trust created after date of death? Thank you for any assistance you can provide. | |
| 23 August 2007 | |
| You need a new one Reg. 301.6109-1 | |
| 23 August 2007 | |
| I had better read Dennis' cite first. I would have thought to use the same one. I see it now in 3) | |
| 23 August 2007 | |
| Thanks much, Dennis and Kevinh5. I did read through this reg cite in another reply in another similar topic, and saw that Reg. 301.6109-1(a)(3)(i)(A) seemed to fit but still wasn't sure given the specifics of our case. Wasn't sure if (a)(3)(i)(A) might apply only if the trust prior to death had been using the individual's SSN then would need an EIN at death. Figured you could confirm from the other posts that I have seen. And probably better to open a new EIN anyway in this case I would think. Thanks again for confirming the cite. | |
