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Reply to "Tax question on income from irrevocable trust"
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[quote=Anonymous]From what I understand it shouldn't be taxable to you, that's the point of the trust. Where you might run into trouble is with the gift tax. As someone said, you can give each parent $14,000 per year. If you give them more than that, it will affect your gift tax ememption. You will have to fill out paperwork, and it could affect what your kids inherit from you. Since the judgement is against your parents, and they don't have assets, why not declare bankruptcy? You aren't obligated to pay their debts. [/quote]
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