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    #1

    Inheritance

    Client inherited $50,000 from a revocable trust from a deceased friend. Is there any tax liability and how is that reported?

    Thanks for your help in advance.
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    #2
    Need to contact the issuer of the $50K. Was it a complete distribution? Did it come from the trustee? Need to contact him to determine if a K-1 is forthcoming for any possible taxable earnings.
    Last edited by Burke; 02-21-2017, 05:24 PM.

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      #3
      Read the trust. You need to know the source of the money.
      Believe nothing you have not personally researched and verified.

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