Land Trusts have EIN#? - Posted by ron

Posted by whyK-CA on June 04, 2005 at 11:18:30:

That’s exactly what it was asked. The original poster’s question was “CAN a land trust have a EIN#?”

Land Trusts have EIN#? - Posted by ron

Posted by ron on June 03, 2005 at 17:42:36:

I had a loan officer today say they can do loans with land trusts if it has a EIN#

Can a land trust have a EIN#?

Re: Land Trusts have EIN#? - Posted by DaveD (WI)

Posted by DaveD (WI) on June 03, 2005 at 18:19:46:

No it doesn’t have an ein, because it is neither a corp. nor an individual. It is a pass-through paper entity, so it is invisible to the IRS. Your beneficial interest is the one most likely to furnish the ein for loan purposes, done all the time.

Re: Land Trusts have EIN#? - Posted by whyK-CA

Posted by whyK-CA on June 03, 2005 at 17:57:28:

Ron, yes it can.

Now, I didn’t know there was someone who can do loans on land trust. Would you share the information about this loan officer? Please e-mail me if you don’t want to put his name on the board.

Thanks.

-Yoshi

Re: Land Trusts have EIN#? - Posted by Dave T

Posted by Dave T on June 04, 2005 at 19:09:51:

Some of the confusion may arise from the terminology. EIN is the abbreviation for Employer Identification Number.

Normally, a revocable trust has no employees and pays no salaries or wages. The trust that needs an “EIN” would really apply for a TIN – Taxpayer Identification Number – even though the form used by the IRS for this purpose is an application for an EIN.

Re: Land Trusts have EIN#? - Posted by whyK-CA

Posted by whyK-CA on June 03, 2005 at 21:04:09:

On the application of EIN, it says this form is for the following:

employers, corporations, partnerships, trusts, estates, churches,
government agencies, Indian tribal entities, certain individuals, and others.

Re: Land Trusts have EIN#? - Posted by ron

Posted by ron on June 03, 2005 at 18:33:08:

yeah that’s exactly what I thought that’s why I didn’t understand how it could have an EIN#

Re: Land Trusts have EIN#? - Posted by ron

Posted by ron on June 03, 2005 at 18:10:33:

loreal is my sister she just told me about it
she is a loan officer
loreal@1stomega.com

Incorrect - Posted by DaveD (WI)

Posted by DaveD (WI) on June 04, 2005 at 08:06:45:

You may be thinking of a family trust, trusts set up for minors, or perhaps a living trust. Different situation. A land trust is fundamentally for privacy… you don’t identify it to the federal government and everyone else as a taxpaying entity. In fact, it pretty much stays in your file cabinet, nice and quiet-like. We do them all the time. The taxpaying entity is a person, a limited partnership, an LLC or our corp… whoever the beneficial interest is.

you are correct, except that… - Posted by David Krulac

Posted by David Krulac on June 04, 2005 at 10:23:52:

there’s nothing to stop a trust from getting an EIN, particularily as in the case of the original psoter they want to open a bank account and don’t want to use their SSN. So while it is NOT required for a trust to get an EIN, it is also not prohibited from getting an EIN.

DAVID KRULAC IS CORRECT - Posted by MEmail

Posted by MEmail on June 04, 2005 at 11:35:59:

As usual, our resident guru is correct. No need to go into detail, David summarized the situation properly.