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| *Ostroff, Fair and Company>>>Personal Finance |
When you put money into a Trust do you need to declare it? |
When you put money into a Trust do you need to declare it? Have you just established the trust or are you adding to the fund? New rules since 2006 mean that you may be liable to tax on any monies paid into the fund. In any case, the trustees must complete a trust return and detail the additions to the fund. See an accountant. i think it depends on who is giving the money and to whom. my mum informs me that she can only give 3k away to me in 1 single year before we have to pay tax on it. so when she earns it she is taxed and when she gives it away she is taxed, it's all wrong. i think you should ask the company who is setting up the trust for you to be sure. In the US, you don't put "money" into a trust, but you put a bank account in the trust... In any case, if you need to declare money, a trust isn't going to allow you to cheat the government, and avoid paying taxes. Is that what u are asking ? |
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