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    Freedastacy's Avatar
    Freedastacy Posts: 2, Reputation: 1
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    #1

    Feb 15, 2011, 11:59 AM
    I received a trust fund, inheritance live in Washington do I have to claim this?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #2

    Feb 15, 2011, 12:10 PM

    Why would you not want to get the trust fund that someone has left you. If you don't want it take it and give it to charity,
    Freedastacy's Avatar
    Freedastacy Posts: 2, Reputation: 1
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    #3

    Feb 15, 2011, 12:25 PM
    Comment on Fr_Chuck's post
    I want the trust fund of course my question was do I have to claim it on my taxes I live in the state of Washington?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #4

    Feb 15, 2011, 12:27 PM

    The answer is: no, but...

    No, inheritances that you receive are not taxed either by the US government or the state of Washington, so nothing for you to report on that. However, income generated by the trust may be taxable. If you have income from the trust you will receive a schedule K-1 from the trustee with information on what to report. The executor of the estate should be able to tell you whether you will be getting a schedule K-1. Often they don't get issued until late in the tax season - sometimes not until late March or even in April.
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