domestic trust or foreign trust - Spidell

domestic trust or foreign trust

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Message Board domestic trust or foreign trust

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    • #188099

      Have a grantor trust (grantor (father)lived in CA) that became irrevocable on DOD of the settler.   The beneficiary and trustee (daughter) is a dual citizen of Canada and US and lives in Canada.  The daughter files a 1040 each year and claims the foreign income exclusion.  The trust holds no US real estate.  Its assets are vintage cars and two brokerage accounts.   Do I have a trust filing requirement in the US?

    • #188267
      Sandy Weiner

      It will depend on the income from the brokerage account. A 1041 must be filed if the trust has any taxable income, gross income of $600 or more (regardless of taxable income), or a beneficiary who is a nonresident alien.

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