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Business & farm
Another thing, in the Trust, there are no requirements for distribution of income (the only income this year is bank interest, 2 IRAs, and rental income which is passive). The Trust is used to pay taxes, insurance, and other costs incurred by the Trust, so I'm not sure if the K-1 really applies. Inheritance is not taxed only the income made by the Trust.
Please advise and thank you.
March 19, 2023
4:56 PM