Recent content by Thank_You

Frankly, some here with their obnoxious comments who have nothing useful to offer and only add baseless criticism don't deserve the information. But for those who do... IT-205 Fiduciary Income Tax Return is the NY state return filed with the 1041 federal return. It has pages that show each...

As I mentioned, I have a CPA. I also have an attorney. But I like to verify everything they tell me from other sources as I have found from many years of dealing with both CPAs and attorneys, their answers are not always correct. In this case I figured out the answer myself after I posted...

The problem is that it's not so much about me as it is about other beneficiaries who will be getting K-1s. I am the trustee of the trusts that are issuing the K-1s. I can't expect them to just take my word for it if I tell them how much is state tax exempt. I would not be satisfied with that...

What is the name of your state? New York If a beneficiary receives income from an irrevocable trust, and knows that some of the interest and dividends reported to them on the K-1 (Form 1041) is from US Treasury securities and is exempt from income tax in their state, how do they know how much...

@Taxing Matters Thank you. Very insightful comments. I have a CPA who is preparing several tax returns for me this year and plan to be guided by his advice. But since this is something I had no familiarity with, I was seeking a second opinion in advance of discussing it with him so I could be...

I had been hoping that your first response was an indication that your familiarity with this issue was based on your personal professional experience with it as a tax attorney and that your response was so emphatic and conclusive because you have had enough experience to know with confidence...

Thank you, your posts are some of the most useful I have found and I appreciate your expertise. However, with this post you seem to be backing off from your original statement which seemed to emphatically state that the AMD is not exempt from state tax. Am I wrong?

If true, and he has had first hand professional experience with this topic, it is the kind of additional information I had in mind with respect to deciding which responses I find most credible. Update Then there is this: "Talked to my friend who is a CPA and has a Master's Degree in Taxation...

Thank you for your reply, but whether or not the AMD is treated as interest was not the question. The question already stipulates that it is treated as interest. The question was whether it is also treated as exempt from New York state income tax. Thank you too for your reply. You may well...

New York State Here is the subject case: 1) A US Treasury Note is purchased on the secondary market at a discount. 2) The Note is held to maturity and then redeemed. 3) The amount of the "Accrued Market Discount" (Box 1f reported on 1099-B for TY23) is determined to be interest for income...

To say a payout in a class action lawsuit is small is a generalization. Some can be a few dollars and some millions of dollars. And "small" is a relative word. The only comment I want to make about this is that it is possible that the amount of the settlement will be less than it would cost...

Already have more than one attorney who has done work for the trusts.

Unknown. It's a class action suit and the final payment cannot be known until it is distributed. I'll have to do some analysis to see if I can come up with an approximate range which will hopefully give me an idea whether or not to pursue it further. If any kind of probate is required to...

The original trust document of the living trust provided for the creation of a separate trust to be established upon the death of the grantor. It is not the same trust as the living trust but a separate trust. The original living trust still exists and holds the property of the grantor's...

New York A grantor creates a revocable living trust. Grantor dies and the grantor's assets are transferred from the living trust to an irrevocable trust as specified in the original trust document. A check is received payable to the grantor (not the trust). How can that check be deposited in...