NY Trust Non NY beneficiaries

Technical topics regarding tax preparation.
#1
Posts:
22
Joined:
21-Jul-2015 8:54pm
Location:
nyc
Hi everyone. So this trust I am working on is a NY trust (complex) with several beneficiaries some NY residents, some out of state residents. The trust has some brokerage accounts, and several K-1's with NY source rental income. The beneficiaries made distributions, and the K-1's for NY are generating non resident source income for the non NY beneficiaries. Is this correct? The software is computing an amount not including the rental income which I think may be wrong. Thanks
 

#2
Dennis2  
Posts:
816
Joined:
18-Feb-2016 11:08am
Location:
New York State
the appropriate NY form is I believe still IT-205A. Basically a non resident beneficiary is taxed in the same manner as he would be as a non resident owner. Brokerage account income would not tend to be taxable but there used to be an required statement. Rental property located in NY is source income.
 


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