I am beneficiary of half of a Crummy Trust. The trustee told me I could either sell the securities or take them, but either way I was responsible for the capital gains that resulted, sooner or later. Most of the securities were proprietary and no broker would take them, so I sold them.
a) They were sold last year, but I will be paid this year. Which year do the capital gains go in. b) Will the trustee provide me with 1099s (or whatever the documents would be called) or do I have to figure it out?
The trustee is taking a 1% fee for the final accounting, and a lawyer is taking 1% for the paperwork. Seems excessive to me, but my lawyer says it is normal. Do I get to deduct my half of the expenses as legal and/or investment expenses?
Thanks much.