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Irevoccable Trust

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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?
 


dmode101

Member
If you have income taxable to you, you should get a K-1 from the trustee. I suggest you talk to the trustee to clarify how this works. I hope the trustee is emplying an accountant or attorney for this.
 

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