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vawter85

Joined: 01/01/2005 Posts: 312
Likes: 162


Contact the trustee and find out if you will be getting a K-1. If


assets were sold there could potentially be taxable gains. The assets of that trust most likely do not get a "step up" in basis since it was set up from a previous inheritance. The taxable gains can either be passed out to the beneficiaries on the K-1 for them to pay the tax on (more likely) or the trust could pay the tax (less likely). Only the gain/income would be taxable to you, not the principal itself.

This is a 2021 tax event whether you cash the check today or tomorrow.

(In response to this post by JoesterVT)

Posted: 12/31/2021 at 4:01PM



+2

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