Solved: My husband and I created a family trust in 2018 and placed many of our assets in the Trust. Is there something that we should do different in completing our taxes?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

My husband and I created a family trust in 2018 and placed many of our assets in the Trust. Is there something that we should do different in completing our taxes?

For instance, we received a 1099-INT in the name of the trust for some of our accounts.  Do we just report that interest income as our own since my husband and I are the trust managers?

1 Best answer

Accepted Solutions
Highlighted
Level 15

My husband and I created a family trust in 2018 and placed many of our assets in the Trust. Is there something that we should do different in completing our taxes?

" Do we just report that interest income as our own since my husband and I are the trust managers?"

Yes, provided the accounts have your and/or your husband's social security numbers rather than the trust's EIN.

See https://www.irs.gov/instructions/i1041#idm140630131849312

View solution in original post

1 Reply
Highlighted
Level 15

My husband and I created a family trust in 2018 and placed many of our assets in the Trust. Is there something that we should do different in completing our taxes?

" Do we just report that interest income as our own since my husband and I are the trust managers?"

Yes, provided the accounts have your and/or your husband's social security numbers rather than the trust's EIN.

See https://www.irs.gov/instructions/i1041#idm140630131849312

View solution in original post

v
Privacy Settings