TaxGuyBill
Level 15
09-19-2022
05:53 PM
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If the assets went into the son's account rather than the Trust's accounts, all is good from a tax perspective. The son properly reported the income on his assets and the Trust doesn't have any income or assets to report.
From a legal/inheritance/trust point of view, there could be problems resulting from the assets in the wrong account. But I don't see how that would affect current or prior tax returns.