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Financial Planning / Tax Strategies
|Subject: Re: Tax impact receiving from trust accts?||Date: 11/15/2012 11:14 PM|
|Author: TMFPMarti||Number: 116926 of 125696|
Now, the big ????? for me are what exactly our tax implications are going to be here?
You need more information from the trustee. While inheritances and gifts are not taxable income (Pub 525), your narrative implies that there are appreciated assets which, when converted to cash, will generate taxable income to the seller. (The trust, passed through to the beneficiary, if it sells; you if you sell.) I know nothing about inheritance taxes, but I think if they apply the trustee will deal with it.
There are gift tax implications to the trusts you talk about setting up. Your attorney dealing with that is your source of information.
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