Florida  |  Wills and Trusts

Legal Question

Asked on: 6/13/13, 7:29 am

My mother was a resident of Florida and passed on March 23, 2013. She owned a condo in Florida and a home in Rhode Island. The home in RI has since sold for approximately $179 K and the condo in Florida has recently been put on the market for sale for about $39 K. My brother is Trustee of her Trust and I am executrix. The only items in the Trust are the two pieces of property. All the rest of her estate is distributed to beneficiaries. These are my questions:

1. If the condo in Florida is not sold this year, but rented instead, would the rent then go into the Trust as income. And, if so, would the Trust be subject to Federal Income Tax ?

2. Is my mother's Trust subject to Federal Income Tax in any way ?

Thank you

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