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Get your taxes done using TurboTax
One more question: Is this trust a grantor trust?
You mentioned you have a single-member LLC which, absent an election to be treated as a corporation for federal income tax purposes, is a disregarded entity.
If the trust is a grantor trust, then it is also disregarded for federal income tax purposes and, as a result, you have a disregarded entity (the trust) as the sole member of another disregarded entity (the LLC). If that is the case, then I fail to understand why you are not simply reporting the business income and expenses on your individual income tax return.
‎October 13, 2022
8:24 AM
1,087 Views