Investing/tax/trustee question.... - Posted by Charity

Posted by PhillyNewbie on July 10, 2003 at 04:15:02:

Consult an attorney. Thats the best way to CYA. Happy investing!!!

Investing/tax/trustee question… - Posted by Charity

Posted by Charity on July 09, 2003 at 12:27:06:

OK, this is a question I have had for awhile and I know no one should be giving firm tax advice, but I am curious as to how you all handle your profits from sales.

My first deal should close later this month and we will net 5 figures. I want to give the IRS it’s legal share, BUT I also want to keep what I deserve. My question is this: If the house is deeded to a trust and the trustee signs at closing, how do I notify the IRS of my profits? How much do they get? How can I minimize what they get? Do you all pay right away or at the next tax deadline? How does my trustee not get charged taxes on it?

I guess a general overview of how we pay taxes on a Sub2 in a trust is what I am asking for.