We own a rental property in the trust name.
Understand that if the property is deeded to the trust, then "we" don't own it. The trust does. All rental income is paid to the trust, and all rental expenses are paid by the trust. The trust is required to report all rental income/expenses on SCH E as a part of the 1041 trust return. the trust *must* have an EIN. I don't see how you can say you have a trust, if you don't already have an EIN for that trust. No bank would allow you to open an account for the trust, without an EIN.
Depending on the type of trust (there's literally hundreds of possibilities here) once the trust has completed the 1041 trust tax return and issued all K-1's to the beneficiary recipient's of that trust (if any) the recipients of the K-1 will "require" that K-1 before they can even start their personal 1040 tax return.
To complete a 1041 Estates & Trust return you need TurboTax Business. (Different from Home & Business). TurboTax Business is not available as an online product, and is not available for MACs. It's for the windows operating system *ONLY*.
You can purchase and download the CD installation file for TurboTax Business at https://turbotax.intuit.com/small-business-taxes/
