Trusts

Right of Way Payment

Question:

I am paying a land (property right of way) payable to XYZ Irrevocable Trust. What is an Irrevocable Trust? Do I issue 1099-S?

Answer:

Right of way payments can b . . .

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We made a contribution payment to a trust account. Is . . .

Question:

We made a contribution payment to a trust account. Is it reportable on the 1099 Misc form? If so, which box?

Answer:

You have to determine if th . . .

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We made payment to a family memorial Trust in the . . .

Question:

We made payment to a family memorial Trust in the amount of $15,837. They contributed this money to a fallen police officer fund. We issued a 1099-Misc to the trust in box 7. They state it should show as a contribution? How should we report this money or do we since it was a contribution?

Answer:

You are still required to r . . .

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If life insurance payments went to the deceased members trustee, . . .

Question:

If life insurance payments went to the deceased members trustee, does that make that payment reportable? Is there a distinction between making the payout to a beneficiary vs. making it to a trustee?

If it is reportable - what box/form?

Answer:

Insurance proceeds paid by . . .

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Have situation where we purchased property from a family trust.<br . . .

Question:

Have situation where we purchased property from a family trust.
When completing the W-9 they entered the "John Doe Family Trust" under name and used the Trustee's SSN
The Trustee is the same person as indicated on the family trust - John Doe
Is this correct ?? Or should they be using the trust EIN

Answer:

Trusts can pose a very tric . . .

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