IRS, trusts, no TIN required


	IRS, trusts, no TIN required

dquinter

4-9-2008 6:18 PM

169 views

tags:

asset protection, irs code, real estate, trusts

dquinter says:

This article states that the trust does NOT need a TIN.

1 Comment |

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7-16-2008 11:42 AM

randyh

That is true. A Land Trust is a pass thru entity and has no status with the IRS. The beneficiary reports all property results on their personal 1040.

randy hughes
www.realestateforprofit.com

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/aaa13d79-ab15-4477-9417-da690ad70faf/48DBF69A-B6E1-41A6-8A3B-9BFDC64DF492/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.realestateforprofit.com/real_estate_forum/265/IRS_Landtrust_Property_Tax_Transfer_and_Disregarded_Entities.aspx" href="http://www.realestateforprofit.com/real_estate_forum/265/IRS_Landtrust_Property_Tax_Transfer_and_Disregarded_Entities.aspx" style="font-size: 11px;">www.realestateforprofit.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.realestateforprofit.com/real_estate_forum/265/IRS_Landtrust_Property_Tax_Transfer_and_Disregarded_Entities.aspx">you need to get a tax ID number for your LLC that is the beneficiary of a land trust. However, DO NOT get a tax ID number for a grantor Land trust. It IS a pass thru entity and does not need the number or the attention of the IRS.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.realestateforprofit.com/real_estate_forum/265/IRS_Landtrust_Property_Tax_Transfer_and_Disregarded_Entities.aspx">Not a "pass-through"...it's a "see through."  The IRS does not accept a bifurcation of land Uses via trusts: ergo, a beneficiary of one with at least a 10% interest is an owner of the real estate in the eyes of the IRS (See RR 92-105)...ergo, possessing all the same tax benefits as any RE owner so long as their is a contractual obligation to pay all deductible payments, and so long as the property is wualied under IRC 163 and 167 respectively..</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/48DBF69A-B6E1-41A6-8A3B-9BFDC64DF492/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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