NFA Trust and the IRS

[Dead Duck]

Basically, I don't trust the IRS - but that's not my question.



When I get an NFA Trust, do I have to claim anything to the IRS during tax season?

Assets?
Investments?

Anything I have to do or file or claim differently after getting the trust?

 

[Dobber]

I'm not a CPA or Tax Attorney, but generally speaking the IRS is only concerned about taxing income; not property gains. As long as your trust isn't receiving income from property sales I think you're OK.

-Dobber

 

[jwh20]

Probably not but check with your tax accountant or the attorney who sets up the trust for you.

 

[Dirtball]

If the rules have changed is it still worth setting up the trust, or just go the individual way?

 

[Dobber]

If the rules have changed is it still worth setting up the trust, or just go the individual way?

There are still benefits to having the trust.
-Dobber

 

[Dead Duck]

Thanks for the info. Just wanted to cover my bases before any surprises occur.



My reasons for the trust is just simplicity for my kids for when I'm worm poop.
Nothing to do with avoiding chief signatures.

 

[Dobber]

Duck,
Don't forget also that a primary benefit while you're alive is that other trustees can be in legal possession of the item(s) owned by the trust with the same authority as you. This wasn't a major selling point for me and my family situation when I started down this path but I see the huge benefit to other people.

-Dobber

 

[jrguns]

Duck,
Don't forget also that a primary benefit while you're alive is that other trustees can be in legal possession of the item(s) owned by the trust with the same authority as you. This wasn't a major selling point for me and my family situation when I started down this path but I see the huge benefit to other people.

-Dobber

This as well as other reasons was my choice for doing a trust.