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Yes, in most cases it is taxable. The law is different depending on the type of trust and what state you are residing in.
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∙ 9y ago
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If money is paid from a trust to a trustee is that taxable income?
Money paid to trustees and executors for their services is taxable compensation. More information is provided at the link below.
Your daughter was named beneficiary for her fathers life insurance the money was put in a trust fund until she turned 18 Upon reaching 18 will the money she receives be taxable?
No. Life insurance proceeds are not taxable. However, depending on the trust, the earnings, if any, while in the trust may well be.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Is a living trust taxable?
Income of a living trust is taxable to the trustees, if that's what you mean.
What if a life insurance policy is left to a trust and the trust is dissolved would it naturally go to his wife?
it would fall back to his estate. as long as the wife inherits the estate she will get it, but the amount will then be taxable. if she was the beneficiary of the policy or if the trust was still solvent the money would be tax free.
Is pf deposited in the pf trust taxable?
No, it is not taxable
Is income from a trust taxable to you?
Yes the income from the trust is taxable income to the owner of the trust or to the beneficiaries of the trust. Some one will have to pay income taxes on the income from the trust.
Can you be taxed for withdrawing large amounts from a trust?
Money pulled out of a trust is considered income. All income is taxable under the laws of the US and the states.
How many heirs are left to get money from the Hunts Trust?
There two heirs left.
My mom died and left her husband my brothers and I as beneficiaries of a trust. Can her husband live on the property and is the money he pays toward the mortgage taxable to the trust?
You need to review the document that created the trust to determine how your mother's trust is to be managed. Every trust document sets forth the provisions of that particular trust. The trustee must manage the trust property according to those provisions. If you have questions, the name of the attorney who drafted the trust should be listed in the trust document. You should call for a consultation.
Is Term life insurance money taxable?
In the US, the money is not taxable if the beneficiary is an adult.
Is inheritance from a trust taxable?
YES it is possible that you could receive some taxable income from the trust that you would have to report on your 1040 federal income tax return.
