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Business & farm
The trustee must file Form 1041 if the trust has any taxable income for the year or if it has at least $600 in income for the year even if none of it is taxable. If there is no income at all, you are not required to file a Form 1041.
Consider if the trust has any expenses for the year. Deductions can include expenses for attorney's fees, accountant's fees, trustee compensation, interest, state and local taxes, certain investment losses and bad debts, payment to beneficiaries and expenses for the production or collection of income that exceed 2 percent of the trust's adjusted gross income.
Consider if the trust has any expenses for the year. Deductions can include expenses for attorney's fees, accountant's fees, trustee compensation, interest, state and local taxes, certain investment losses and bad debts, payment to beneficiaries and expenses for the production or collection of income that exceed 2 percent of the trust's adjusted gross income.
‎June 4, 2019
6:14 PM