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June 6, 2019
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I received 20,000 from my dad's trust. Do I need to report this?

  • June 6, 2019
  • 7 replies
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Best answer by ToddL

Distributions of this nature (from a Trust Estate)  are not reportable on your tax return. 

7 replies

Employee
June 6, 2019
How was it reported to you - K-1 or 1099-MISC?
March 14, 2020

k1

 

skindsfAuthor
June 6, 2019
No, my brother handed my a check.
Employee
June 6, 2019
Was the check issued from a trust account, or was it a personal check he gave you?
March 14, 2020

trust account

 

Employee
June 6, 2019
If the payment wasn't reported to the federal government by a trust that files a 1065 return (not due yet), it may have been a gift.
skindsfAuthor
June 6, 2019
It was stated in a trust that if there was any money left I was to given $20,000 from that trust.  I was not given a share of the trust,  but the trust. Section 7.1 Distribution of Trust Estate says "Second, if sufficient assets remain in the trust estate, Trustee shall distribute the sum of Twenty Thousand Dollars (20,000) to Husband's daughter, [PII Removed] I received a check in July for $20,000 but in truth can't remember if it was from the trust or a personal check from my half brother.
Employee
June 6, 2019
OK, I'll post an answer shortly. In the mean time, please delete your name (above)
ToddLAnswer
Employee
June 6, 2019

Distributions of this nature (from a Trust Estate)  are not reportable on your tax return.