wowen11
Level 1
12-07-2019
06:06 AM
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Solved! Go to Solution.
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sjrcpa
Level 15
12-07-2019
06:06 AM
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If it is a grantor trust at the time of sale the income is taxable to the grantor.
Ex-AllStar
wowen11
Level 1
12-07-2019
06:06 AM
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But if it is an irrevocable grantor's trust shouldn't it get passed to the beneficiaries of the trust?
TaxMonkey
Level 8
12-07-2019
06:07 AM
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The word "grantor" has a specific meaning for income taxes, That word means that the person who originally created the trust has retained enough control over the property that they report any income on their tax return even if they do not receive the money.
In your situation, you could be misusing the word grantor, to apply to a non-grantor trust or you could not understand the tax treatment of grantor trusts.
In your situation, you could be misusing the word grantor, to apply to a non-grantor trust or you could not understand the tax treatment of grantor trusts.
