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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Handling the tax aspects using a trust... Posted by Ward-CA- on March 31, 2004 at 6:05 PM In Reply to: selling out of a trust posted by toddwa on March 31, 2004 at 11:18 AM : hello, : When selling a house that is held in landtrust that has more than one bene,would the escrow pay all funds to the landtrust(that has a tax id ) and then the percentage split be done : by the trustee of landtrust including a k-1 and whatever else is required? : whats the simplest way to do this? ================ Todd, Escrow will ask you how you want your funds paid out of escrow. If the trust has a bank account we specify the payee to be the trustee of the trust and deposit the proceeds into the account. Then the trustee will pay out to the various beneficiaries according to their percentage ownership. At year end have the trust file a partnership return, giving the different beneficiaries a K-1 to append to their state and federal tax returns. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : hello, : : When selling a house that is held in landtrust that has more than one bene,would the escrow pay all funds to the landtrust(that has a tax id ) and then the percentage split be done : : by the trustee of landtrust including a k-1 and whatever else is required? : : whats the simplest way to do this? : ================ : Todd, : Escrow will ask you how you want your funds paid out of escrow. If the trust has a bank account we specify the payee to be the trustee of the trust and deposit the proceeds into the account. : Then the trustee will pay out to the various beneficiaries according to their percentage ownership. At year end have the trust file a partnership return, giving the different beneficiaries a K-1 to append to their state and federal tax returns. 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

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