Discussion:Living trust - entity type
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Discussion Forum Index --> Basic Tax Questions --> Living trust - entity type
Discussion Forum Index --> Tax Questions --> Living trust - entity type
| 9 June 2009 | |
| Hi Everyone,
This may be a dumb question, but I'm working on an LLC return and one of the partners is a living trust which goes with a social security number. Do I check individual or trust? I would think individual, but it's called ..... trust. This has got me confused! :-) Thanks! | |
| 9 June 2009 | |
| Anne,
I would go with the living trust since it is more representative of who the partner is. I doubt it matters in the long run. The key is the SSN anyway. | |
| 9 June 2009 | |
| A revocable living trust uses the ssn and all income is reported on the 1040. I'd use the correct name of the trust. | |
Me and the Boss (talk|edits) said: | 10 June 2009 |
| I hope this helps. Powershares DB xxx operates a bunch of partnerships which now seem to be popular investments for some of my clients. Powershares is a big outfit and I would presume they are getting top notch tax advice.
Therefore, I assume they are issuing their K-1's properly. When the owner of the investment is John Smith Revocable Living Trust, they check the "Trust" box on the K-1 and issue the K-1 using the individual's Social Security Number. | |
| 6 November 2009 | |
| A living trust is a non-recognized entity. It has no separate identity from it's owner. Everything should be reported in the name of the taxpayer and his social security number.
Sometimes over thinking creates problems where they do not exist. | |
