InnoVest Resource Management's Foreclosure Forum

Discussion Board Foreclosure Training Title Holding Trust Speaking Schedule Foreclosure Codes 50 State Foreclosure Basics Foreclosure Glossary 60+ Yrs Interest Rates News & Trends FAQ Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Get a TIN if you have outside investors. Posted by Ward-CA- on September 26, 2001 at 10:17 PM In Reply to: trust acct. ssn# for land trust posted by Haywood on September 26, 2001 at 4:20 PM : Since we are setting up a bank account for the land trust, which ssn# do we use. Our ssn# or do we apply for one under the trust name? =•=•=•=•=•=•=•=•=•=•=•= Haywood, most of the time you would use your own social security number for your trust. However, if your trust has disparate beneficiaries, outside of your immediate family, then you’d apply for a taxpayer identification number (TIN) so the trust could make its own informational return, detailing to whom it distributed its earnings or losses that year. When I’m the trustee of a trust that is funded by investors for the purpose of buying a foreclosure, I get a TIN for the trust. However, we have 23 trusts wherein my wife and I are the only investor/beneficiaries. Thus when we are not distributing our trust’s earnings to others, we just declare all of the trust’s earnings on our own tax return. Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Since we are setting up a bank account for the land trust, which ssn# do we use. Our ssn# or do we apply for one under the trust name? : =•=•=•=•=•=•=•=•=•=•=•= : Haywood, most of the time you would use your own social security number for your trust. However, if your trust has disparate beneficiaries, outside of your immediate family, then you’d apply for a taxpayer identification number (TIN) so the trust could make its own informational return, detailing to whom it distributed its earnings or losses that year. : When I’m the trustee of a trust that is funded by investors for the purpose of buying a foreclosure, I get a TIN for the trust. However, we have 23 trusts wherein my wife and I are the only investor/beneficiaries. Thus when we are not distributing our trust’s earnings to others, we just declare all of the trust’s earnings on our own tax return. : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

Copyright © 1997-2001, InnoVest Resource Management

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455