@RobertB4444 Since the Trust has a loss as it's the first year and there is no DNI, the k-1's are all $0. If a beneficiary already filed their taxes as no k-1 was yet done, would it matter since 0's?
One of the beneficiaries was divorced prior to being a TRUST beneficiary. They are still filing MFJ for 2023. Would he have to still report a k-1 with 0's as he prefers not to acknowledge it to her if he doesn't need to.
Another questions:
1. If the TRUST agreement allows for funeral expenses to be paid, they still won't be expenses for tax purposes, am I correct on that?
2. I had lawyers fees for getting all the assets, filing all the papers to obtain the trust assets. Lots of meetings with family to get paperwork signed. Are these expenses of the Trust for tax purposes?
3. As home sat with nobody in it and it was an investment upon Trust obtaining it, there were numerous costs of cleaning out, lawn maintenance. I read differing rulings on these costs as being costs to maintain assets. Thoughts on being other expenses?
THanks.
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