Are tax identification numbers required for revocable trusts?
March 20, 2006
Date: Fri, 24 Feb 2006
Dear Mr. Gray,
My parents each have a revocable trust, but they don't have tax identification numbers for the trusts. Are tax identification numbers required for a revocable trust?
Thanks so much,
Date: Mon, 06 Mar 2006
Generally, no. When the individual who created the revocable trust is also the trustee, no tax identification number is required for the trust. The trust is a substitute for a will, and the income and deductions of the trust are reported on the income tax returns of the grantor/creator of the trust.
After the grantor's death, the trust becomes irrevocable and the successor trustee usually should apply for a tax identification number at that time.
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