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Forgive me if this is a dumb question.

If I set up a revocable living trust my understanding is that during my lifetime I report any income earned by the assets in the trust on my 1040 because the IRS considers it a grantor trust. Is that correct?

TIA for any guidance.

-drip
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If I set up a revocable living trust my understanding is that during my lifetime I report any income earned by the assets in the trust on my 1040 because the IRS considers it a grantor trust. Is that correct?

Yes.

Phil
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Thanks, Phil. And Merry Christmas or whatever you choose to celebrate this time of year.

-drip
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