Solved: 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.
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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.

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

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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.

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.

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New Member

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.

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.

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