Trust taxation

[FBN2007]

What is the name of your state (only U.S. law)? MD

If the trustee of a trust lives in a state other than the state that the trust was created in, should the trustee report income for tax reporting to the state in which he lives or to the state where the trust was created.

 

[davew128]

Maryland considers a resident fiduciary to be the trust formed under the laws of Maryland. Other states don't all follow this definition.

 

[FBN2007]

Maryland considers a resident fiduciary to be the trust formed under the laws of Maryland. Other states don't all follow this definition.

In this case, I am the trustee and a resident of MD. The trust was formed in MA. So according to your answer, I should file a trust tax return each year in MD?

 

[tranquility]

You should probably hire a tax professional to help you determine the trust's situs and how things are taxed. A starting guide:
http://www.naepc.org/journal/issue08d.pdf

 

[davew128]

In this case, I am the trustee and a resident of MD. The trust was formed in MA. So according to your answer, I should file a trust tax return each year in MD?

Read it again. The fiduciary was formed in MA.

 

[FBN2007]

Read it again. The fiduciary was formed in MA.

Sorry, I don't understand your answer. Can you rephrase the answer. Thanks