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 sorry I was reading the wrong document. It is a revocable trust that we have, I am new to these things. So we have to file the 1041. Do we get K-1's from it that we need to put on our personal taxes?
