Should I file the taxes separately for the trust, or I include the trust's income in my taxes. I am a trustee for my daughter's trust fund.

[eduard1973]

Hello,

Me and my wife settled a irrevocable trust for our daughter. We are the grantors of the trust and we are also the trustees. The trust owns a house which was rented and so it has an income. Should we introduce the income from rent in our Turbo tax application, or should we file a separate Tax with Turbotax Business for the trust?

Thank you

Eduard

[RichardG · Accepted solution]

That depends on the terms of the trust.  If the trust was structured as a "grantor trust," all the trust's income and deductions are reported on your personal tax return.  If not, the trust must file a separate tax return and report all income and deductions.  I suggest contacting the attorney who prepared the trust for you for guidance on this matter.