Max W Posted March 25, 2020 Report Share Posted March 25, 2020 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. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted March 25, 2020 Report Share Posted March 25, 2020 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. Quote Link to comment Share on other sites More sharing options...
Max W Posted March 26, 2020 Author Report Share Posted March 26, 2020 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. 1 Quote Link to comment Share on other sites More sharing options...
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