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Reporting Rental Income / Deductions on Grantor Information Letter
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?