Yardley CPA Posted April 11, 2008 Report Share Posted April 11, 2008 I have a client who brought me a K-1 from her Father's living trust. (Father passed away in 2007). K-1 shows $67,411 in box 5 "other portfolio and nonbusiness income." I believe this is taxable but wanted to make sure? Thanks! Quote Link to comment Share on other sites More sharing options...
Linda Mathey Posted April 11, 2008 Report Share Posted April 11, 2008 I have a client who brought me a K-1 from her Father's living trust. (Father passed away in 2007). K-1 shows $67,411 in box 5 "other portfolio and nonbusiness income." I believe this is taxable but wanted to make sure? Thanks! These trusts which are revocable during the grantor's lifetime become irrevocable at death. If she is a bene and this K-1 is made out to her then tax it on her return. Quote Link to comment Share on other sites More sharing options...
Yardley CPA Posted April 11, 2008 Author Report Share Posted April 11, 2008 These trusts which are revocable during the grantor's lifetime become irrevocable at death. If she is a bene and this K-1 is made out to her then tax it on her return. Thanks! Quote Link to comment Share on other sites More sharing options...
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