Hello, I’m hoping to get an answer on how I should fill this form out. I’m getting a conflicting response from an accountant who say’s since I have little to no capital gains, I do not need to fill this form out. This is the complete opposite of everything I’ve read. My Mom passed away and had her house in a trust, I am the trustee and sole beneficiary. She lived in her home for 40+ years up to the time she passed away. Her home is in escrow and the escrow company is telling me I need to submit this form to them. From what I’m reading on the actual form, it appears that I am exempt. Is this correct?
Form 593 question, franchise tax board
byu/Character-Theory-404 intax
Posted by Character-Theory-404
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I’ve gone through what you’re describing as the fact pattern, just for a different deceased relative. The escrow company is correct to insist on your providing it to them. It needs to be furnished by the trust under the trust’s EIN (not by you, as an individual), with you executing it as the trustee. For that aspect, I did have some wrangling with the escrow company but they eventually got on the right page. Then, as for how you complete it so that the the transaction is exempt from withholding, that’s for you to go through the various alternatives and select what is lawfully applicable. The transaction may very well be qualify for an exemption from withholding.