NASSAUSUFFOLK

 View Only

  • 1.  Reporting income from TOD account

    Bronze Most Valuable Member
    Posted 06-30-2016 04:39 PM

    Has anyone had experience with a TOD account that has multiple beneficiaries? 

    There are a number of  K-1’s from limited partnerships within the TOD account.  How should this income/loss be reported since a single K-1 was prepared?

    Thanks.

    ------------------------------
    Richardina Buonocore
    FRANCO, PARES & EPSTEIN, CPAs
    Levittown NY
    ------------------------------


  • 2.  RE: Reporting income from TOD account

    Platinum Most Valuable Member
    Posted 07-01-2016 01:53 PM

    The income is taxable to the owner.

    ------------------------------
    Robert Brown
    ROBERT N. BROWN, CPA
    Jericho NY

    Original Message


Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.