I have a Grantor Type Trust with its own EIN, which has rental property with income/expenses/deductions. I bought TurboTax Business so that I could file a 1041 Grantor Type and Grantor Information Letter.
When filling out the Deduction section for the GIS, It limits me to 8 entries, but as I understand it, I'm supposed to report everything as though it was being reported by the Grantor. These deductions on Schedule E would be at minimum the following breakdowns (not to mention the fact there are multiple properties to report):
| Advertising |
| Travel |
| Cleaning & Maintenance |
| Commission |
| Insurance |
| Professional Fees |
| Management Fees |
| Repairs |
| Supplies |
| Real Estate Taxes |
| Other Taxes |
| Utilities |
Should I instead try to combine everything into 2 lines:
Rental Income from All Properties
Total Deductions for All Properties
And then report it more granular on the Grantor's Schedule E? I guess that means I send the Grantor an additional document with the breakdowns and all the properties?
