Inheritance

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  • tsuewalker
    Member
    • Feb 2013
    • 88
    #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.
    Tags: None
    • Burke
      Senior Member
      • Jan 2008
      • 7068
      #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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        • taxea
          Senior Member
          • Nov 2005
          • 4292
          #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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