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Posts Tagged trust tax

Irrevocable Trusts and Capital Gains Income

On January 29, 2021   /   Estate Planning Basics   /   15 Comments

Irrevocable trusts are very different from revocable trusts in the way they are taxed. An irrevocable trust needs to get a tax ID (EIN) number and pay taxes each year by filing a 1041 tax return. Trust tax rates are very high as you can see here. 

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