RobertB4444
Expert Alumni

Business & farm

That all sounds correct, yes.  Except that you don't have to file a trust or estate tax return unless it earns at least $600.  So you may just want to skip the 1041 for 2024 unless there is a nice big loss from expenses that you want to use in 2025 or distribute to the beneficiaries to take on their personal tax returns.

 

@john14verse6 

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