My question involves estate proceedings in the state of: California
I was gifted a 33% interest apparently in an investment trust of some kind. The grantor (not related to me) has passed away and the assets of the trust have been disbursed. My portion is $125,000.00. Why do I have to pay taxes on this amount? I have been told I will be issued a K1 for tax purposes. I understand some portion of this money was earnings on the investment, since the initial investment was a gift, don't I get to deduct that from the final disbursement? How can I find out the value of the initial gift?
I was gifted a 33% interest apparently in an investment trust of some kind. The grantor (not related to me) has passed away and the assets of the trust have been disbursed. My portion is $125,000.00. Why do I have to pay taxes on this amount? I have been told I will be issued a K1 for tax purposes. I understand some portion of this money was earnings on the investment, since the initial investment was a gift, don't I get to deduct that from the final disbursement? How can I find out the value of the initial gift?
Heirs and Beneficiaries: Was Gifted a 33% Interest in a Trust and Have Now Inherited 125,000
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