Posted on: 23rd Mar, 2007 11:38 am
if I file chapter 13 do have to include on my return the interest earned on money in trust account. thanks for all help I can get.
In Chapter 13 wage earner's plan a debtor is not required to include interest earned on money held in a trust account on his return while the money awaits distribution to his creditors.
Miller
Miller
Hi Diane,
Welcome to Mortgagefit discussion board.
Miller is correct, this interest amount is neither available to you nor to your creditors. It is available to the trustees. Such interest earned is taxable for them as their individual incomes.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
Miller is correct, this interest amount is neither available to you nor to your creditors. It is available to the trustees. Such interest earned is taxable for them as their individual incomes.
Do let me know if you have any other questions.
Thanks
Blue