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Get your taxes done using TurboTax
1. Your brother may not have to pay tax on the funds moved from the trust; however, the trust will most likely report the movement. It also depends on whether the original funds were from a fund like an IRA, or whether it was 'after tax' money.
2. No, if your brother gives you cash from his bank account, yes, it would be a gift. He reports the gift, not you, if it exceeds 18K.
3. Since he reports the gift, you don't have to do anything.
Here's more info on Gift Taxes.
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March 5, 2025
12:02 PM
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