We don't have enough information.
Who is "he"?
Is he giving you money from the trust (gifts are not taxable
to you; he pays gift tax);
or is it money distributed to you from the trust as a
beneficiary (depends on the type of money and may be taxable);
or is it a loan (which is not taxable but has to be repaid)?

Nan, EA in LA

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"David" <davidlantz[at]usa.net> wrote:

- quote -

Who is "he"?

--
David M. Woods, EA
Boston, MA 02109

Postings here are general information only and not to be
relied upon as advice.

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davidlantz[at]usa.net (David) wrote:

- quote -

Who is "he"?, the Trustee?, your father?

Are you an income beneficiary (probably not or you would
have gotten money and a K-1 previously).?

Who is the normal beneficiary? Is it "he" that is "giving"
you the money? Are you sure it is a loan?

It is taxed the same as it is taxed in the trust. It may be
income, or it may be corpus. Your K-1 (you'll get it
sometime before April 15 next year), will tell you how to
treat it for taxes.

So: If it is a "Gift", no tax to you
If it is income, taxable to you.
If it is a loan, no tax to you.

Why do you care how much HIS tax will be?
Ask "him".

ed

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David posted:

- quote -

First of all, who is *he*? Assuming *he* is the Trustee of
the trust, if he "gives" you money, it would not be taxable
to you at all. Any tax consequences would be limited to the
_giver ... and would be *his* concern, not yours.

On the other hand, if *he* loans you 60,000 [should we
presume dollars?], *his* tax would only be due on the
interest you pay *him*, as you actually pay it -- assuming a
cash basis.

Bill

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My mother passed away 3 years ago, her money was put into
a trust im not sure what kind. I live in California. He is
going to help me buy a house by giving me money from the trust.
My questions is, how is that taxed? if he loans me 60,000,
how much will his tax be on it?

Thanks

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