inheritance trust

Mike203 — Sun, 11 Apr 2021 23:16:35 GMT

My father died in 2019 november. In February 2020 I received Money from his trust. I received additioanal money when his residence was sold in April of 2020. I received a schedule K-1 from the trust. What do I report to the IRS? The data on form K-1 only or do I need to report the distribution amounts.

In other words is a small inheritance reported as income or do I just report the money as in the K-1 form?

Thanks,

Mike

Re: inheritance trust

Anonymous_ — Sun, 11 Apr 2021 23:23:40 GMT

@Mike203 wrote:
In other words is a small inheritance reported as income or do I just report the money as in the K-1 form?

Just report whatever appears on the K-1 (Part III).

An distribution of corpus (aka principal) from a trust is not taxable.

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inheritance trust

Re: inheritance trust