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#2239201 - 07/07/20 08:37 PM Interest on Funeral Trust CD
BJ Blazko Offline
New Poster
Joined: Apr 2016
Posts: 24
A funeral Home is telling us interest earned on a funeral trust is not IRS-Reportable. This is news to us... Does anyone know anything about that?

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Deposits and Payments
#2239212 - 07/08/20 11:09 AM Re: Interest on Funeral Trust CD BJ Blazko
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,364
Galveston, TX
Funeral Trust accounts are governed under State law. To whom the interest is paid might be addressed in State law, but that has no impact on IRS reporting. These are not tax deferred accounts.
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#2239216 - 07/08/20 12:16 PM Re: Interest on Funeral Trust CD BJ Blazko
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,028
Utopia
Agree with Randy, I used to handle a lot of these when I was in the branch world and in NY the interest is reported to the IRS under the person who is receiving the end service not the funeral home.
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