Liquidating trust and capital gain and tax


23-Apr-2017 06:36

Once the contents of the trust get inherited, they're just like any other asset.

Income from the inherited investments is subject to the same tax rates as any other income of that type.

When the property is in a revocable living trust, it's in a legal limbo zone.

For the purposes of probate law, it's the trust's, but for tax law, it's treated as if the decedent owned it.

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Further, it discusses issues related to some special trust and estate entities, namely, grantor trusts, pooled income funds, qualified subchapter S trusts (QSSTs), electing small business trusts (ESBTs), bankruptcy estates, and foreign trusts.

liquidating trust and capital gain and tax-89

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When she dies, assuming she gives no additional taxable gifts, she'll be able to add her late husband's .75 million exemption to her .25 million exemption to transfer million in assets to her heirs without estate tax.

Time and again, CPAs and other accounting and tax professionals are faced with the unique income tax provisions related to trusts and estates.



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