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Damien Bosco
Damien Bosco, Attorney
Category: Estate Law
Satisfied Customers: 2341
Experience:  Helping you with your legal questions.
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My mother died this year I received 62000 from her

Customer Question

My mother died this year I received 62000 from her irrevocable trust Do I have to pay taxes on this money
Submitted: 3 months ago.
Category: Estate Law
Expert:  Damien Bosco replied 3 months ago.

Hello. My name is***** am an attorney. I am here to help you with your question. I may take a moment to research or clarify issues. Okay?

Expert:  Damien Bosco replied 3 months ago.

Is the total estate worth less than $2.75 million?

Customer: replied 3 months ago.
Expert:  Damien Bosco replied 3 months ago.

Hello again. Okay. There are no estate tax consequences and would not be anyway if the money was in the trust more than three years. With regarding to income tax, it depends. If the amount your received is the principal amount then there is no income tax. If the amount you receive were earnings and the trust did not pay tax on the earnings, then that part may be subject to an income tax. Please let me know if you have follow up questions.

Expert:  Damien Bosco replied 3 months ago.

Hello. Checking in to see if you have additional questions on this issue or whether we are complete. If we are complete, please rate between 3-5 stars. Best regards.