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Taxes... Please help!!?


this year we bought our first house. we paid for it in full by taking the money out of my husbands trust fund.

for the year we will have made less than 15,000.... we took out 35,000 will the money we took out be added as income?

i guess what i want to know is... are we going to be hit on taxes for that money.

all i really know is that it is an irrev trust. his grandmother set it up so that he could receive part of his inhereitance before she passes away. his aunt is the trustee.

i hope that helps. all this is greek to me. if there are any questions you need answers to feel free to ask.

It all depends on the rules of the trust fund.

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