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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 981
Experience:  Certified Public Accountant
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My mother died. She had five children. She had a trust that

Customer Question

My mother died. She had five children. She had a trust that was to be divided equally between her children. Over the years to trust gained interest. The interest is also being divided between the children. What portion do I have to declare as income? What do I have to pay taxes on?
Submitted: 24 days ago.
Category: Tax
Expert:  Mark Taylor replied 24 days ago.

Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

Expert:  Mark Taylor replied 24 days ago.

I am sorry for your loss. With a trust it depends on who pays the tax. The tax would be either paid at the trust level or at the beneficiary level. Do you know what type of trust it is (Simple or Complex trust)?

Customer: replied 24 days ago.
No, the taxes are to be paid at the beneficiary level
Expert:  Mark Taylor replied 24 days ago.

You would be taxed on the earnings. Do you know if the trust was a revocable or irrevocable trust?

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