What is considered income to a trustee?
I am a trustee of a complex trust as well as the primary beneficiary.
All income is distributed to the primary beneficiary annually.
I received a payment from the trust for reimbursement expenses and for payment of my time as trustee.
Is any or all of this taxable income to me?
Can the trust give me a gift up to $13,000 annually?
Is the reimbursement treated differently than the compensation for services?
Does it need to show on the K1?
Can the trust give a secondary beneficiary a gift without issuing a K1 to the secondary beneficiary?
Thank you. If you have any IRS sources that would be helpful.