ELNbluemax2
Member
ohio
I am trustee of an irrevocable trust. My home, insurance and a CD are in it. I have been paying the real estate tax and insurance premium out of the interest from the CD, which about covers those costs. Do I have to pay income tax on the full amount of the interest at the Trust inc. tax rate, which is 28%???
Doesn't seem quite right. This is the B trust..I have revoked my A trust.
Thanks
I am trustee of an irrevocable trust. My home, insurance and a CD are in it. I have been paying the real estate tax and insurance premium out of the interest from the CD, which about covers those costs. Do I have to pay income tax on the full amount of the interest at the Trust inc. tax rate, which is 28%???
Doesn't seem quite right. This is the B trust..I have revoked my A trust.
Thanks