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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4092
Experience:  35 years tax experience, including four years at a Big 4 firm.
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I am a single 66 year old single man who gets Social

Customer Question

Hello! I am a single 66 year old single man who gets Social Security and periodic part time jobs. Not earning more that $6000 from them.
I also get a family trust check of $1500 per month in which I believe would be considered an asset. I that "ASSET" amount taxable by the IRS? If so, How much?
Thank you in advance for any light you can shed on this subject.
Regards
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and can assist.

Expert:  PDtax replied 1 year ago.

A trust distribution can be taxable, partially taxable or tax-free, depending on the type of trust. I suspect that it is tax-free, since it is the same amount every month.

Expert:  PDtax replied 1 year ago.

If you have a history of these payments, the tax treatment should be consistent.