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Living Trust Distributions: First Tier vs Second Tier
For a Living Trust distributions: If I have let's say $1,000 of net income from interest or rent I understand that I record that as a first tier. What about distributions that exceed income but are from the sale of property or just cash from a checking account? Do I record those as 2nd tier or not record at all since I do not believe they are taxable? These distributions will be well under any inheritance limits. Thank you.
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‎April 3, 2024
2:01 PM