Investors & landlords

Again, it's a newly created Irrevocable Trust.

So, who completes the 1041, the grantor or the executor?

** A beneficiary is using it.

 

Trusts do not have executors; trusts have trustees, estates have executors.

 

Odda are that if you created the trust, are the settlor, trustee, and one of the beneficiaries, then the trust is a grantor trust and disregarded for federal income tax purposes. As a result, you would have reporting and filing options if that is the case.

 

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000286018

 

 

You should consider seeking guidance from a local tax professional.

 

https://taxexperts.naea.org/expertdirectory

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