My mother passed in September and all assets are in a living trust that is now irrevocable. We are attempting to sell all the assets in brokerage account but some have stretched into 2023 (not sold yet). The brokerage firm instructed that we needed to create a EIN to add to my mothers account since her SS is no longer valid. I've also created another Trust account used to stage and transfer the sold assets / cash to be and the other beneficiary. Also suggested by the brokerage firm.
That's the history. Here's my questions.
I have 2 1099-INT forms. One for my mothers trust, and one for my new temporary account. I I have to file a 1040 for my mothers final tax return. I assume that should include all the interest made on my mothers trust. But Im unclear about this 1041 I keep reading about. Do I have to file a final 1040 and a 1041?
On the 2nd account 1099-INT it has a EIN I created. Cant I simply add that interest to my personal taxes? or do I have to submit a 1041 for that as well?
The last question is next year. These assets will be sold this year (2023). Do I just cover that with a 1041 for my mothers trust?
I know these are simple questions, but frankly its confusing. Thanks for advice in advance.
