@trust812 wrote:
Can expenses such as homeowners insurance be deducted?
Yes, property and casualty insurance premiums paid can be deducted from rental property income.
@trust812 wrote:
Is income reported at the 37% Trust Tax rate level or is it distributed to the Beneficiaries via a K-1 and the Beneficiary pays a lower tax rate?
The top trust tax rate would apply if the trust reported and retained the income. Otherwise, if the income were distributed to the beneficiaries, the beneficiaries would pay any income tax due at their marginal tax rate.
@trust812 wrote: Can the house be depreciated since it’s being rented out?
Yes.
This answer has been verified for accuracy by an Intuit expert employee
