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Discussion:Help, trust gurus

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Discussion Forum Index --> Basic Tax Questions --> Help, trust gurus


Discussion Forum Index --> Tax Questions --> Help, trust gurus

ATL Tax (talk|edits) said:

7 April 2014
I have a client who set up some generation skipping trusts. When I got the 1099s from the brokerage house, all the trusts were reported under my client's social security number - no federal ID numbers for the trusts. When I contacted the brokerage house, they said the ID numbers were correct. Am I missing something here? Can he have a trust and still report the income on his tax return? Thanks for your help.

Southparkcpa (talk|edits) said:

7 April 2014
The trust document is probably written that the income of the trust assets is the grantors and pass to the beneficiaries upon grantors death. The income while alive is the grantors. I have a few of these in my practice and were set up by top law firms. At the grantors death, a Trust ID would be needed.

ATL Tax (talk|edits) said:

7 April 2014
Thanks. I think I got it now. Must be a revocable/grantor trust. I wasn't aware of these. In over my head, just like always. Sorry to waste the space and time.

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