Trust and LLX

[okrandy]

In calendar year, we executed a revocable trust as well as put our rental property into an LLC.  The LLC is owned by the Trust.

When filing my 2023 taxes, what changes will I need to make?

1. Do I file a separate tax return for the LLC?

2. Do I file a tax return for the Trust instead of the usual married filing jointly return (mfjr) for my wife and I?

3. I have read that LLC tax returns are due on 3/15.  Correct?

4. Due to the feedback between the LLC return (if there is one) and my mfjr (or Trust return), if the LLC return is due on 3/15, does that dictate the completion of the mfjr?

5. Will TTax Premier handle all of this?

I know, long question.  Just trying to scope what needs to be done.

Thank you.

[M-MTax]

a separate tax return won't have to be filed for either one. The LLC only has one member so it's disregarded. The trust is revocable so it's a grantor trust and it's disregarded. File your MFJ 1040 and that's it.

[PatriciaV]

To expand on what MMTaxMM has said:

1. No, you do not need to file a separate return for the LLC. Instead, report this activity on Schedule C.

2. No, you will file MFJ as you have in the past. The grantor trust itself is a disregarded entity that is simply listed as the "owner" of the LLC.

3. While some business returns are due on March 15, you will not file any this year.

4. The due date for your personal tax return does not change unless you request an extension of time to file.

5. Yes, TurboTax Premier will handle the LLC rental activity to be reported on Form 1040.