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What is considered income to a trustee?

July 13, 2010 By: admin Category: General

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.

How much Income do I need to have in order for me to be considered a financially independent person?

July 12, 2010 By: admin Category: General

How much Income do I need to have in order for me to be considered a financially independent person?
I am over 18, and I need to be financially independent, how much income do I need to earn?

Is Rental Income considered in the calculation of the business income limitation for Section 179 expense?

July 12, 2010 By: admin Category: General

Under what conditions would rental income be considered an active trade or business income for determining the business income limitation for section 179 expense? I cannot seem to find any concrete evidence either way on this.