Tax Law (Questions About Taxes)/Trust Tax Return


My father-in Law set up a family trust and placed his house in the trust.  He passed away in 2007 and was survived by his wife.  My Mother-in-law passed away a year ago this October.
I think we might be a little late in filing a tax return for the Trust which I understand became irrevocable upon the passing of my Mother-in Law.
To complicate things, we are renting the house while waiting for the market to improve for an ultimate sell of the house.
Can you give me some guidance on how best to proceed and time frames involved.
Thank you,

pretty easy

figure out all the various bouncing balls (basis, income, reportable activities, etc) and have someone prepare and file the late returns. it is what it is. no big deal. yes,  you are late but failing to catch up will eventually come back to haunt you.

i'd be happy to propose on the project or you can find a local cpa.


Tax Law (Questions About Taxes)

All Answers

Answers by Expert:

Ask Experts




Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

AICPA, CSCPA (Ct society), National Tax,

a bunch.

MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

©2017 All rights reserved.

[an error occurred while processing this directive]