Posted by PhillyNewbie on July 10, 2003 at 04:15:02:
Consult an attorney. Thats the best way to CYA. Happy investing!!!
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.
Charity