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#2
03-26-2009, 03:34 AM
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 Re: Taxes on trust distribution On Mar 25, 10:47*pm, Mark Bole <ma...[at]pacbell.net> wrote: - quote - > markalancas...[at]gmail.com wrote:
P.S. Depending on the wording of the trust the DOD value may be of> > My wife's grandfather created a trust upon his death that was used by > > his daughter (my mother-in-law) for medical expenses. *Now my MIL has > > passed which causes the trust to be disolved and the remaining assets > > to be distributed to my wife and her sisters. *Will this distribution > > be taxable for my wife and myself? > > Thanks, > > Mark > How was the trust income earned, distributed, and taxed throughout the > prior history of the trust (assuming the trust dictates were followed)? > -Mark Bole either your wife's grandfather, or your mother-in-law that might result in LongTerm Capital Gains when the trust or your wife sells the assets. ed. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#1
03-26-2009, 03:30 AM
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| Re: Taxes on trust distribution On Mar 25, 10:47*pm, Mark Bole <ma...[at]pacbell.net> wrote: - quote - > markalancas...[at]gmail.com wrote:
You get the assets at DOD value (step up or down) and they are not> > My wife's grandfather created a trust upon his death that was used by > > his daughter (my mother-in-law) for medical expenses. *Now my MIL has > > passed which causes the trust to be disolved and the remaining assets > > to be distributed to my wife and her sisters. *Will this distribution > > be taxable for my wife and myself? > > Thanks, > > Mark > How was the trust income earned, distributed, and taxed throughout the > prior history of the trust (assuming the trust dictates were followed)? > -Mark Bole taxable to you. If there are any IRA's, 401ks etc they are income taxable as you withdraw them. You will hvae some interest from DOD to distribution that are taxable. ed -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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03-26-2009, 02:47 AM
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| Re: Taxes on trust distribution markalancaster[at]gmail.com wrote: - quote - > My wife's grandfather created a trust upon his death that was used by
How was the trust income earned, distributed, and taxed throughout the> his daughter (my mother-in-law) for medical expenses. Now my MIL has > passed which causes the trust to be disolved and the remaining assets > to be distributed to my wife and her sisters. Will this distribution > be taxable for my wife and myself? > Thanks, > Mark prior history of the trust (assuming the trust dictates were followed)? -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
03-26-2009, 02:28 AM
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| Taxes on trust distribution My wife's grandfather created a trust upon his death that was used by his daughter (my mother-in-law) for medical expenses. Now my MIL has passed which causes the trust to be disolved and the remaining assets to be distributed to my wife and her sisters. Will this distribution be taxable for my wife and myself? Thanks, Mark -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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