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MichaelR
Electrical Contractor
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Notice of Fiduciary Capacity
Monday, September 08 2008 06:54 PM
Gentlemen,
It has come to my attention that I may need to file forms with Uncle Sam letting him know of my "Illinois Type Land Trust" - using IRS Forms 56 "Notice Concerning Fiduciary Relationship" and 56-A "Notice Concerning Fiduciary Relationship Illinois Type Land Trust"
Research Links For Others :
http://sedm.org/Forms/Tax/Form56/AboutIRSForm56.htm
http://famguardian.org/PublishedAuthors/Media/Antishyster/V10N3-IRSForm56.pdf
In your experience, do these forms need to be completed and filed wtih the IRS?
Thank You in Advance.
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Notice of Fiduciary Capacity
Sunday, September 14 2008 12:00 PM
Michael,
We supply a copy of form 56 in our Land Trust home study courses available on this site under "shop online" on the left hand side bar to this page. If you already have our course, look at the Instructions for Filing This Form section. Under, "who should file" you will see that this form is voluntary. We do not suggest that you give the government ANY information that is not 100% mandatory!
Randy Hughes
866-696-7347
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homerandivot
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Re:Re:Notice of Fiduciary Capacity
Wednesday, November 19 2008 01:51 PM
I read that the beneficiary of an "Illinois Land Trust" needs to file a Notice of Fiduciary Capacity. Is that not considered public information? If there are multiple beneficiarys in a Land Trust and one of them had a Tax Lien does that effect the other beneficiarys and cloud the title when you want to sell the propery?
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homerandivot
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Re:Re:Re:Notice of Fiduciary Capacity
Wednesday, November 19 2008 01:56 PM
I just gave your response my undivided attention and read that filing the form is not manditory. That answers my question.
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Re:Re:Re:Notice of Fiduciary Capacity
Wednesday, November 19 2008 02:06 PM
It always pays to read the fine print, especially when dealing with the government.
Randy Hughes
866-696-7347
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