Question for Bronchick EIN # for Land Trusts - Posted by REG/Va.

import · September 30, 2005, 9:29pm

Posted by John on October 01, 2005 at 19:50:07:

EIN numbers can be gotten in 5 minutes on the IRS site. It is the same as a formally (TIN) Taxpayer Identification Number.

import · September 30, 2005, 9:29pm

Posted by REG/Va. on September 30, 2005 at 21:29:13:

Hi Bill,

I have a friend that just closed on a SUB2 deal the other week. When he recieved his check (In the name of the Trust only), he went to the bank and could not instantly cash it. Even though he had the Trust Agreement in hand and showed the Banks Pres. all IDs, but he was still unable to cash it. They said he must deposit the check. He started the process to open an acct. until they requested the EIN # which he did not have. Of course he could not cash the check.

How and or what is needed in order to get an EIN # for a Land Trust. He was never aware that we needed one to cash a check that was written ou for the Trust that he was Trustee too.

Thanks in advance for any and all suggestions,

REG/Va.

import · October 5, 2005, 9:25am

Re: Question for Bronchick EIN # for Land Trusts - Posted by Jeff B

Posted by Jeff B on October 05, 2005 at 09:25:58:

I have seen some people advocate getting an EIN for every Land Trust anyway. Does anyone know the reasoning behind that? More anonymity? Better for getting the bank to report interest paid at the end of the year?