A trust or decedent's estate is allowed an income distribution deduction for distributions to beneficiaries. Search tax forms and instructions.Complete the information called for in the name of the trust a exactly as it appears on Form SS-4, Application for Employer. Identification Number. Form IT205I provides instructions to assist a fiduciary of a New York State resident estate or trust with filing form IT205. Unlike revocable trusts, transfers of property to an irrevocable trust are deemed completed when the transfer is made. Tax savings and other benefits can be. Learn exactly how to transfer assets to a living trust with detailed, practical steps, avoiding any unnecessary confusion or legalese. Adding someone to a deed typically involves a transfer of ownership interest in the property. With that transfer comes potential tax consequences.