Trust & Taxes—Does Your Estate Plan Change Your Tax Return?
If you’ve recently moved assets into a Revocable Living Trust, you might be wondering how your tax filing will change this season. In New York, these trusts are typically treated as "pass-through" entities, meaning income from rental properties, annuities, or investments is reported directly on your personal 1040 using your Social Security number. This post breaks down exactly what documentation you need for New York and Federal filings, along with the current rules for tax-free gifting.