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Trust tax
My wife is the trustee of her late brothers trust. He passed in Nov 2018. Prior to his death, she was listed as the co-trustee along with this same brother. Now that she is the only trustee, she is keeping the trust intact and we have not made any changes. The trust holds property and a small bank account that reported about $97.00 in interest. We file joint.
Do I need to account for this trust in our taxes, and if so, how ?
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Retirement tax questions
No, you would not have to include the trust income on your personal taxes.
Depending on what type of trust it is, it most likely requires a Form 1041 to be filed.
However, if the trust has gross income of under $600, no return needs to be filed.
Please see this link for more details Do I need to file a Trust Return?
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Retirement tax questions
You might want to seek professional guidance for issues relating to this trust, particularly if there is no definite termination date and/or it is otherwise foreseeable that the trust will continue.
If the trust was initially a grantor trust (e.g., a revocable living trust) when your wife's brother was alive, then it most likely became irrevocable and a separate taxable entity upon his death. As a result, the trust should have an EIN (see link below) and file a Form 1041 if required.
https://www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers
Note that trusts are required to file income tax returns if they have gross income of $600 or more for the tax year or any taxable income for the tax year.
See https://www.irs.gov/instructions/i1041#idm140366311406240