Received inheritance payment from trust - Do I need to claim?
Asked Feb 3, 2010, 01:24 PM
I received $16,500 from a family trust when my grandmother passed away in 2009. My mother (the person in charge of trust) informed me the family accountant said I would not be receiving a 1041/K-1 and I would not need to pay taxes on this inheritance because the trust was already paying taxes on the money. Is this true?
Do I need to claim this inheritance somewhere and pay taxes on it, or am I in the clear?