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Max W

Trust and Foreign Beneficiaries

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Two beneficiaries are residents and citizens of Belgium.  From what I understand, form W-8BEN is required.

Most of the taxable income is from Cap Gains and taxable gains are reported on 1042-s, a form required for each type of income.

  However, I understand that Cap Gains are not taxable to foreign benes.  What happens to the CG's?  Are they taxable to the trust?

I would be most grateful for any other suggestion re foreign benes of a US trust.

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Max, I know enough about foreign income taxes to stay clear away from it. 

I have seen articles related to your situation in the AICPA Tax Advisor, try googling a search on it.

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22 hours ago, DANRVAN said:

Max, I know enough about foreign income taxes to stay clear away from it. 

I have seen articles related to your situation in the AICPA Tax Advisor, try googling a search on it.

Yes. There is a 2 part article in Tax Advisor from 2013 which goes over the complexities of dealing with foreign benes and it is something that the trustee and I decided it was better for someone experienced in this to handle.   There are other complexities apart from the taxes that have to be dealt with.

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