Nampa Idaho Form 8855 2020-2025

Nampa Idaho Form 8855: What You Should Know

What Will the Form 8855 Do, and What Does It Allow? Form 8855 will allow a trust to be treated as an estate for income tax purposes (for capital gains). It will allow a trust to be treated as an estate for estate tax purposes. Form 8855 will allow a trust to be treated as a revocable trust for estate tax purposes. A revocable trust is a trust that can be revoked. A revocable trust is a trust that will not satisfy the requirements of section 7704. The trust has received all the power, authority, and duty of the settler, devised, or administrator. The trust has power, authority, and duty to act as it pleases. Form 8855 would allow a qualified revocable trust to be treated as an estate. That means any income the trust makes, the estate's trust expenses and the trust's income are income to the trust and income to the trust's distributes. Form 8855 Will Not Allow an Art Trust to Make a Section 645 Election. An ART trust will not have to file Form 8855 if it meets the requirements to qualify as a qualified revocable trust. Form 8855 will not enable an ART trust to make a section 645 election. What Is the Purpose of Form 8855? Section 645 is designed to protect heirs and distributes of estates from the power and interest of an individual person. A section 645 election allows trusts to be treated as estates. Form 8855 Does Not Allow an Art Trust to Make a Section 645 Election. A section 645 election is made if a trust is the custodian, officer, executor, or manager of an ART. It does not allow any beneficiary (or any beneficiary on the trust's behalf) to make a section 645 election. What Does the IRS Say? The IRS has stated “section 645 provides certain protection for the interests of the trust beneficiaries if a trust meets the requirements to make an election. It does not provide any relief to beneficiaries of a trust for an ART.

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