 Trust bank acct & tax (by Cathy [MA]) Nov 12, 2013 7:07 AM
 Trust bank acct & tax (by Gary G [IN]) Nov 12, 2013 7:58 AM
Trust bank acct & tax (by Cathy [MA]) Nov 12, 2013 9:34 AM
Trust bank acct & tax (by TenantWhisperer [MA]) Nov 12, 2013 1:21 PM
Trust bank acct & tax (by Pattyk [MO]) Nov 13, 2013 5:43 AM
Trust bank acct & tax (by Cathy [MA]) Nov 13, 2013 6:59 PM
Trust bank acct & tax (by Cathy [MA]) Posted on: Nov 12, 2013 7:07 AM
Message:
State Specific Question About: MASSACHUSETTS (MA)
Like some landlords here, I bought a rental property and put it under a Realty trust.
I wonder whether I need to apply for a tax ID for the realty trust and open a bank account for it, and fill tax for the trust. Or I can use my personal bank account and report income on Schedule E of my 1040.
I did some research online. Some said all income of the trust pass through to the beneficiaries, so just report on the personal tax return. Some said file 1041 for the trust.
What do you do with your realty trust, bank account, tax ID? Thanks a lot.
--76.19.xx.xxx |
Trust bank acct & tax (by Gary G [IN]) Posted on: Nov 12, 2013 7:58 AM
Message:
Cathy, shouldn't you already know the answer to that question before you did this? I don't know the answer, however I've been told that Schedule E is the most Audited IRS form. Do you want to be in that line? Good luck --99.132.xxx.xx |
Trust bank acct & tax (by Cathy [MA]) Posted on: Nov 12, 2013 9:34 AM
Message:
I did research before and was told income of the realty trust could be passed through to the beneficiaries's personal income, since beneficiaries are the owners. But I asked a landlord and he got tax id for his trust and opened bank account and filed tax for trust. It seems both could work. I want to learn how other landlords using realty trusts to hold properties do? Many thanks. --76.19.xx.xxx |
Trust bank acct & tax (by TenantWhisperer [MA]) Posted on: Nov 12, 2013 1:21 PM
Message:
That's really a question for your tax guy/gal. --50.136.xx.xxx |
Trust bank acct & tax (by Pattyk [MO]) Posted on: Nov 13, 2013 5:43 AM
Message:
talk to your attorney and your tax preparer. and mentor who helped you set up this trust. IT would seem you would not mingle funds with the trust and your personal banking. --174.159.xx.xxx |
Trust bank acct & tax (by Cathy [MA]) Posted on: Nov 13, 2013 6:59 PM
Message:
It seems that many landlords put their properties under Trust or LLC. How other landlords do with their realty trust or land trust? Thanks. --76.19.xx.xxx |
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