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April 25, 2022
Question

Income from a trust fund

  • April 25, 2022
  • 1 reply
  • 0 views

My brother was the executor for a family trust fund. All shares were sold and a T5008 was issued with his name. The money was equally split between the sibling. Since I was not issued a T5008 where can I report the money I received  from the sale of the shares .

    1 reply

    TurboTaxSusan
    May 19, 2022

    If the T5008 is in your brother's name, he will have to enter it on his return, and will be taxed on the full amount. So if you enter part of the income, then your family will be doubled taxed on that portion.