Beneficiary Estate Under Foreign Trust
Description
How to fill out Release And Exoneration Of Executor On Distribution To Beneficiary Of Will And Waiver Of Citation Of Final Settlement?
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FAQ
Taxation of a Grantor Trust If it is a foreign trust, its income and gains earned after the death of the grantor will generally be subject to US income tax only if earned from US sources, or when distributed to its US beneficiaries, as discussed below.
A trust that isn't a domestic trust is treated as a foreign trust. If you are the trustee of a foreign trust, file Form 1040-NR instead of Form 1041. Also, a foreign trust with a U.S. owner generally must file Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner.
Income from a foreign grantor trust is generally taxed to the trust's grantor, rather than to the trust itself or to the trust's beneficiaries.
U.S. persons who are treated as owners of a foreign trust under the grantor trust rules must ensure that the foreign trust timely files a complete and accurate Form 3520-A, Annual Information Return of Foreign Trust with a U.S. Owner, and furnishes the required annual statements to its U.S. owners and U.S. ...