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I have $5000.00 per month rental income, pay the IRS $2000.00 quarterly and come tax time , I claim this as income and usually get a $1500 to $2000 refund. If I put this property in a Living Trust with my wife and myself as trustees and pay myself a monthly salary, how will this effect my taxes? I was told the Trust would pay taxes on this income and then I would pay taxes on my income. This doesn't sound right. Why would I want to do this? Right now we both have wills giving each other every thing