|
|
When you decide to make your own living trust you will encounter paperwork. (Trust me.)
One of the most common questions we get from regular folks who embark on irrevocable living trusts and revocable living trusts is…what do I put for a tax id.
Here is a general guideline:
Revocable Living Trust Tax ID Tip
- Because income derived from a revocable living trust is deemed by the IRS as taxable–generally the grantor can just use their social security number. (If it’s a joint trust between spouses–either spouse can use their number.)
Irrevocable Living Trust Tax ID Tip
- This is a little more complicated. Because an irrevocable trust is not grantor-owned–if created properly–it will have its own unique tax id. Here is a great IRS resource for finding whether you need a Tax id or not.
