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Tax identification numbers are the same as social security numbers for individuals. If you have any business having them then they will send it to you on your 1099R form or whatever form you are entitled to have. The only use someone can have for this type of number if fraudulent, and if you have a legitimate reason for such a number the company will give it to you.
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You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
Can you transfer assets into an irrevocable trust without gift tax implications?
Yes, the transfer is not taxable, but payments from the trust to OTHERS may have tax implications (i.e., other than to your spouse, charities, 529s, etc).
Can you change domicile of an irrevocable trust?
An irrevocable trust cannot be amended. An example of this is an Oklahoma case in which the Tax Commission could tax a trust created in Oklahoma as a resident domiciled trust even after the grantor and trustee moved to Nevada. http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=ok&vol=/appeals/2001/&invol=275718 Often, this is taken into account by a skilled attorney and the irrevocable trust specifically permits the trustee to change the domicilie of the trust.
Where can I go to get the word out for everyone rich to put their money in trusts and name themselves trustee to avoid federal taxes?
You shouldn't give out that advice at all. A trust must be drafted by an expert in trust law, state and federal tax law and estate planning. A trust where the trustor names themselves a trustee would fail as a valid trust for tax purposes. Please do not spread that advice.
What is the federal tax id number for union bank and trust?
Mine is 56S-56DR287982. You may use it!
What exactly is the purpose of IRA funds?
IRA stands for Individual Retirement Account. It is a trust or an annuity set up to benefit a retiree and has significant tax advantages in the U.S.A.
Are death benefits received from a veba taxable to the beneficiary of a member?
Death benefits are never taxable as long as you never deducted the premiums on your tax return.
When you place your home in an irrevocable trust who pays the property tax?
The Trust does and it becomes a deduction on the Trust's tax return.
I'm a retired and my ssa income is low, Do I need to file?
Does low income retiree need to file income tax?
You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
Is there a tax obligation for a trust beneficiary?
Generally, income from a trust must be reported. You should speak with a tax professional at tax time.
What tax can be reclaimed from a discretionary trust pay out?
Sport tax~
If you have a trust co being the custodian for a company can you use the trust compainies tax id?
NO! The "trust" in the USA must apply for its own tax identification number (TIN) and file a separate tax return (1041/1042 or other) based on the activity of the trust.
What is the symbol for BlackRock Massachusetts Tax-Exempt Trust in the AMEX?
The symbol for BlackRock Massachusetts Tax-Exempt Trust in the AMEX is: MHE.
An irrevocable trust has 300k in cash in it and all income is tax exempt. Distributions were made some from principal some from the tax exempt interest. Is the principal treated as income on K-1?
The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust. The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust.
In what year did BlackRock Massachusetts Tax-Exempt Trust - MHE - have its IPO?
BlackRock Massachusetts Tax-Exempt Trust (MHE) had its IPO in 1993.
Do you have to pay capital gains tax on property inherited from a trust?
No. Capital gain tax is a tax that is assessed when an asset is sold. The passing of an asset by inheritance (one received by the laws of intestacy when a decedent dies without a will) or an asset distributed from a trust does not constitute a sale; thus, the tax is not triggered. The tax is triggered when the property, inherited from a decedent or as a distribution from the trust, is sold. Assets owned by a decedent (or his revocable trust) get a new basis when the decedent dies, equal to the asset's value as of the date of death. If you sell the asset for more than the basis, then the tax is payable on the sale price, minus the basis. On the other hand, if an asset is owned by a trust, is sold by the trust, and proceeds are received by the trust, the trust must pay the capital gain tax.
