reporting CRUT on 706

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reporting CRUT on 706

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Richard Cassidy

Posted 2/2/2006 12:51:25 PM

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Last Login: 6/25/2007 3:50:45 PM
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Is a decedent's interest in a CRUT set up by the decedent reported on schedule G as a lifetime transfer with a retained interest or on schedule I as an annuity. I am leaning toward schedule G but wanted to bounce it off of someone.

Thanks in advance for your replys.

Richard Cassidy

Post #68

Mary Kay Foss

Posted 2/3/2006 11:03:29 AM

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I'm not sure that I totally understand the question. I've reported CRUTs when a couple establishes them and then one spouse dies. In that case, all of the assets go on Schedule G. You refigure the charitable deduction based on the survivor's age and put that on Schedule O. The balance goes on Schedule M as a marital deduction.

Does that help?

Mary Kay Foss

Post #69

Richard Cassidy

Posted 2/6/2006 8:25:57 AM

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Yes, that helps, thanks. I will use schedule G.

My understanding is that you report all lifetime transfers to charitable remainder trusts under 2036 due to the retained interest and take a corresponding deduction for the charitable contribution(and marital deduction if appropriate).

Post #71

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