J
julbox3134
Guest
I have two issues to discuss this tax year so I will be making two separate posts.
A dear friend of mine passed away in 1997 and left an irrevoccable trust in my name. The whole thing is set up in a strange way. To make a long story short I will receive this rather large amount of money in the year 2007. In the meantime, I receive $3000.00 a month from the trust. The taxes for this monthly allotment are paid by the trust itself. I have documentation to support this. Should I be filing taxes if I have no other income and will I have to pay taxes on it even though it is already being paid by the trust?
A dear friend of mine passed away in 1997 and left an irrevoccable trust in my name. The whole thing is set up in a strange way. To make a long story short I will receive this rather large amount of money in the year 2007. In the meantime, I receive $3000.00 a month from the trust. The taxes for this monthly allotment are paid by the trust itself. I have documentation to support this. Should I be filing taxes if I have no other income and will I have to pay taxes on it even though it is already being paid by the trust?