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Reply to "Tax question on income from irrevocable trust"
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[quote=Anonymous]I think it depends on the kind of trust - there are lots of different types. Your trustee should know what type it is, and if not, the lawyer that created it should know. Related to type of trust, part of whether distributions are taxable depends on whether taxes were owed or paid on the amount put in. And it's likely that any amount that you give to your parents over the annual gift tax exclusion ($14,000 per year in 2013) would be subject to gift taxes. If it's a large amount, I highly recommend talking to an accountant before making the move. [/quote]
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