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My mother had an irrovocable trust and she recently passed…

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My mother had an irrovocable...
My mother had an irrovocable trust and she recently passed away. We sold the house in the trust and as we (5 children) are the beneficiaries, my question is...do we have to claim this money as income and pay taxes on our individual distribution? It was a two family house and the state and city tax was paid at the closing.
The money is in the trust fund and we would like to know before it is distributed among us.
Submitted: 8 years ago.Category: Estate Law
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Answered in 2 minutes by:
6/25/2010
Estate Lawyer: Daniel P., Attorney replied 8 years ago
Daniel P.
Daniel P., Attorney
Category: Estate Law
Satisfied Customers: 2,742
Experience: I have my own practice in Sarasota, FL- Estate Planning, Medicaid & VA law, Probate & Family Law
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Thank you for entrusting me with your legal issue. I will work diligently and quickly to answer your questions. I look forward to assisting you.

 

What State is this?

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Customer reply replied 8 years ago

We reside in Bronx, New york

Estate Lawyer: Daniel P., Attorney replied 8 years ago

An inheritance is considered a gift and is therefore not considered income for income tax purposes on the Federal level.

 

New York does not tax it either.

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