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Category: Trust Taxes

Trust Taxes

Our attorneys can help you navigate the complexities of trust taxation, including fiduciary income tax returns, generation-skipping transfer taxes, and more. Give us a call to see how we can help, (713) 909-4906.

Are Funds Advanced to Third Party Subject to Tax?

Are Funds Advanced To Third Party Subject To Tax?, Houston Tax Attorney

With a cash basis taxpayer, the general rule is that the taxpayer recognizes gross income when money is received. But what if the taxpayer holds money on account for others? This is a common practice. These transfers may include deposits, advances, etc. It can even include funds held in trust for the benefit of a…

Continue reading Are Funds Advanced to Third Party Subject to Tax?
Published April 11, 2021
Categorized as Trust Taxes
Home » Tax » Trust Taxes
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Mitchell Tax Law
Houston Tax Attorney
6671 Southwest Fwy, Ste 820D
Houston, TX 77074

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