No, you do not have to obtain an EIN. A revocable, living trust remains under control of the grantor of the trust, and because of this it doesn't need a tax ID.
- Grantor Trust: A revocable living trust is considered a “grantor trust” for tax purposes, meaning it uses your Social Security Number (SSN) instead of an EIN. Any income or deductions from the trust are reported on your personal tax return.
- No EIN Needed: Since the trust is revocable and you are the grantor, there is no need for a separate EIN during your lifetime
After the Death of Grantor:
- Irrevocable Trust: Upon death of grantor, the revocable living trust typically becomes irrevocable. At this point, the trust will need its own EIN because it is now a separate taxable entity.
- Trustee Responsibility: The trustee will need to apply for an EIN for the trust to handle tax filings and manage the trust’s assets.
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