My brother and I inherited a home when my Mom passed away and at the beginning of 2023 we put that home in a trust. It is s simple trust. We began renting it out in Feb of 2023. My questions:
- Do we need to file a 1041?
- Do we depreciate the property? If so, what do we use for the figure?
- Do we both get K-1's from the trust(even though the expenses exceeded the costs?
I am a bit lost on this?
