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It is an asset but it is not depreciated since the beneficiary lives in it. If you are filing a trust INCOME tax return then it will not be listed anywhere on the INCOME tax return. Only any income the trust earns and the expenses it incurs are listed on the form 1041.
It is an asset but it is not depreciated since the beneficiary lives in it. If you are filing a trust INCOME tax return then it will not be listed anywhere on the INCOME tax return. Only any income the trust earns and the expenses it incurs are listed on the form 1041.
The beneficiary died. The house has been sold. Presumably gain or loss of the house needs to be included in the next return I do. How do I make the asset appear in the next return? Thank you.
Ok ... the home doesn't have to be listed anywhere as an asset ... the 1041 reports the sale on a Sch D so you will only enter the sale.
Which state return , if any, should a trustee file for a special needs trust (SNT) when
If the SNT is located in Florida for the entire year and has no income from any sources out of state then it files no state tax return.
If 2021 was the year that the address was changed then the trust will need to file a part year return for Massachusetts. But after this year it won't have to file a state return again as long as it is located in Florida.
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