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Got disbursements from a trust fund this year. Trustee said the $ isn't taxable because of deductible costs the trust incurred. Can I file my taxes before getting a K1?
Don't want to delay my refund by waiting to file. The disbursements were based on net income from a rental property from the prior year. However, the trustee tells me that the costs of purchasing and maintaining the rental property have offset any need to pay taxes on the actual income and therefore the disbursements. They advised me to file my taxes now and retain the Schedule K1 whenever I receive it for my records. Does this sound correct?
‎June 4, 2019
9:54 PM