The short answer is the IRS is a super creditor and thus is placed in highest order to be paid before other creditors and heirs. Technically, if...

I agree with Mr. Collins comments. Be sure the IRS knows the trust is terminated by ensuring the box on the first page of the fiduciary return...

The short answer is you are not required to accept a gift. If you are concerned about the affect of the gift to you, you may consider visiting...

Why was I never notified that my house is in a trust and led to believe that I own it?

Assuming all you write is true, this sounds like one of the greatest tragedies families perpetrate on each other. Family informality built out if...

My father died in las vegas, NEV. I'm nervous about going to the bank showing them his death certificate....there's $300.000

I agree with Mr. Cottrell's answer. If what you write in your answer, you stand a chance of receiving $300,000 (If the "." should be a "," (a...

The short answer is, you do not need to publish a 1099-Misc. Here is why: Someone carrying on a trade or business issues a 1099-Misc....

Both of parents have passed away,they set up a revocable trust and now the trustee wants to sell the property and distribute ?

I agree with Mr. Weiner's answer for the most part. Yes, self-dealing is a breach of fiduciary duty if the transaction is to the detriment of all...

The K-1 can always be amended, which means the fiduciary income tax return, if incorrect, will necessarily be amended. At this point, you, assuming...

How to remove a trustee

In addition to Mr. Morris' answer, a question comes to mind, are you the grantor of the trust? If so, does the trust give you authority to amend...

Can the IRS seize an inheritance?

Yes, unless inheritance is held in trust (established) for you and you are only a discretionary beneficiary. If you are in the financial shape you...