Federal and state tax liability for trust beneficiaries

[NOVA-Res]

My wife and I live in Virginia. Her mother (lived in Ohio) established a trust to include her home and investments. Her mother passed away in 2020. My wife and her brother (lives in Missouri) are the trustees. The trust sold the home in 2021, but all assets (proceeds) still remain in the trust. Since my wife and I have NOT received any contributions from the trust, do we have to file any federal or Virginia state tax forms yet?  Thank you!

[LeonardS]

No, if you have not received any distributions from the trust in 2021 you do not have to file any estate-related federal or Virginia state tax forms.  However, you may have to file federal and Virginia tax returns on any other income you have received.