ljwalters Posted October 13, 2012 Report Share Posted October 13, 2012 Here is the deal. Man dies leaving his farm in trust for the Kids with the stipulation that his life partner can live there until he dies or choses to leave. Farm stops making money and kids can'g pay the mortgage. Kids let the farm go into foreclosure. Will the 1099C (going in to the trust) trickle down to the kids on the K1's? Thanks LInda Quote Link to comment Share on other sites More sharing options...
ljwalters Posted November 8, 2012 Author Report Share Posted November 8, 2012 Just moving this back to the top. If no one knows the answer maybe some one knows where I can find out the answer. I don't even know where to start looking. Linda Quote Link to comment Share on other sites More sharing options...
Bart Posted November 8, 2012 Report Share Posted November 8, 2012 What kind of trust is it? Quote Link to comment Share on other sites More sharing options...
jainen Posted November 8, 2012 Report Share Posted November 8, 2012 >>Will the 1099C (going in to the trust) trickle down to the kids on the K1's?<< Read the trust document! Does it require income to be distributed to beneficiaries? Does the trustee have a choice about distributing income and/or paying the tax? Read the trust document! There is no other way to even begin answering your question, which may be why nobody began. Quote Link to comment Share on other sites More sharing options...
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