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Updated over 4 years ago,
Taxes for a trust- can you please help?
Hey guys, how does taxing a trust works?
Lets say there is a paid off property in a trust that is worth 100K, and brings 1K per month per rent. So its about 12K per year in rent. But, lets say we spend 2 k per year in expenses (property management, fixing, etc), so lets say we get 10k per year in income. (12k rent minus 2k expenses=10k taxable income)
How to figure out what tax bracket the trust should pay taxes in?
Its easy with personal taxes because there are tax brackets for personal income, if you make 100K then you are roughly in a 30% tax bracket.
What about trusts? Do trusts have tax brackets? How does taxing income from trust work?
Thank you