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Level 3
December 9, 2021
Question

Foreign address 1041 module

  • December 9, 2021
  • 1 reply
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On the 1041 module, how do you input a foreign address on the Client Info screen?
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1 reply

joshuabarksatlcs
Level 9
December 9, 2021

I don't think Lacerte Form 1041 allows the input of a foreign address for the fiduciary.

Check out Section 7701 and particularly Regs Section 301.7701-7.  If the foreign trustee is the only trustee, the trust would likely fail the tests under §7701 and be classified as a foreign trust, which has tax consequences as well as reporting requirements that would otherwise not be applicable to domestic trusts.  

 

I come here for kudos and IRonMaN's jokes.
Level 3
December 9, 2021

Does IRC 7701 for a US citizen living abroad?