topic Simple Trust in Get your taxes done using TurboTax

Simple Trust

globug666 — Wed, 11 Feb 2026 03:28:30 GMT

My brother and I inherited a home when my Mom passed away and at the beginning of 2023 we put that home in a trust. It is s simple trust. We began renting it out in Feb of 2023. My questions:

Do we need to file a 1041?
Do we depreciate the property? If so, what do we use for the figure?
Do we both get K-1's from the trust(even though the expenses exceeded the costs?

I am a bit lost on this?

Re: Simple Trust

globug666 — Thu, 15 Feb 2024 14:48:34 GMT

Sorry it says in the docs it is a Trust Estate?

Re: Simple Trust

Anonymous_ — Mon, 23 Dec 2024 15:44:46 GMT

Re: Simple Trust

globug666 — Thu, 15 Feb 2024 17:22:58 GMT

I am sorry I was reading the wrong document. It is a revocable trust that we have, I am new to these things. So we have to file the 1041. Do we get K-1's from it that we need to put on our personal taxes?

Also, does Turbo Tax prepare 1041's?

Re: Simple Trust

Anonymous_ — Mon, 23 Dec 2024 15:45:04 GMT

Re: Simple Trust

globug666 — Thu, 15 Feb 2024 17:35:36 GMT

Yes, so we have an EIN, our attorneys filed for that.

So we have to wait until the trust is done to file our personal taxes, correct?

Does Turbo Tax prepare Trust returns?

Re: Simple Trust

Anonymous_ — Mon, 23 Dec 2024 15:45:14 GMT

Re: Simple Trust

globug666 — Thu, 15 Feb 2024 21:40:52 GMT

Thank you for your help. I want to hire Turbo Tax do do this. Do they need to depreciate the property?

Re: Simple Trust

Anonymous_ — Mon, 23 Dec 2024 15:45:47 GMT