Help - The 1099-A Process


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Can you be a trustee to a family member?

Daniel Maldonado

The question has been closed for reason: Not relevant or out dated

on 03/30/2023 16:36:25

I wanted to ask CH this but my post was deleted for some reason so I'll ask it here. 

I want to become a trustee. I ordered the forms and am considering trying it out with a couple of my close family and friends to pay off their mortgages as a proof of concept so maybe they can return the favor but I don't want to do anything stupid. 

My questions are:

Do you need a business EIN and business bank account to be a trustee?

Can you be a trustee to a family member?

Can you be a trustee to a family member living in the same address as you?

Can you be a trustee to a family member with the same name as you? (My dad and I have the same name with no difference at all, no junior or anything)

On the video explaining the forms, Chris says the trustee should sign their name and put Beneficiary in the space that's labeled "Title:" for the 1096. I just wanted to clarify that was correct because it feels like they should be putting trustee.

Am I correct that the trustee should mail the packet with the 1099a, 1099-OID, 1040V, 1096, and 1199A with a straight mailer and registered mail or certified mail to the treasury at:
United States Treasury
1111 Constitution Avenue, NW
Washington, D.C. 20224 

Finally, I've seen a lot of mention about verifying birth certificates, an 1141, and Form 54 in connection to the use of a 1099A. Are these necessary for this process? If not, what is your best guess as to why these are coming up.