Section 12.18 Tax Consequences
| Library | Trusts and Powers 2013 Supp |
III. (§12.18) Tax Consequences
Property in a personal custodianship belongs to the beneficiary, and the beneficiary holds both legal and equitable title. The income, like in a minor’s custodianship, is to be reported fully by the beneficiary, and the Internal Revenue Service (IRS) Form 1099s carry the beneficiary’s tax ID number. No IRS Form 1041 would be filed by the personal custodian. It is not a trust in Missouri unless created as a custodial trust. For federal tax purposes, it should be treated the...
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