Solved: That depends on the terms of the trust.  If the tr...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

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

1 Best answer

Accepted Solutions
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.

View solution in original post

1 Reply
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.

View solution in original post

Dynamic Ads
v
Privacy Settings