Kind of off topic, but I know calendar year for 1041 is the most used...is there an advantage to fiscal year? I decided on Feb 2022-Dec 2022 for the 1041 (I know I can do 12 months or less) and my deceased relative I am reporting on Jan 2022-Feb 2022. I know the Trust takes over on date of death.
Also, after much study, I have concluded I can only take depreciation (based on date of death), taxes, and insurance as deductions on a rental property in the trust, but I cannot take deductions on my deceased relatives primary residence since it is not a "business entity" like the rental. This confuses me some because my relatives could take taxes off on their 1040 (I don't recall insurance). Again, I'm learning. I've read through the 1041 booklet and some others to gather information.
Please advise and, again, thank you.
