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My mother died. She had five children. She had a trust that

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was to be divided equally...
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: 1 year ago.Category: Tax
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11/12/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
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Hi, my name is Mark. I will be happy to help you with your questions. Please give me a moment to prepare your response.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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)?

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Customer reply replied 1 year ago
No, the taxes are to be paid at the beneficiary level
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

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Mark Taylor
Mark Taylor
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