Reporting rental income for a House under a Trust

[goyal_raj]

I bought a townhome recently and this house is in the name of a Revocable Trust for which I am the beneficiary. Do I have to report the income/expenses/cost any differently than owning it as an individual?

Thanks

[PatriciaV]

If it's a living (grantor) trust, you can use whichever TurboTax personal program that suits your tax situation. There is no special tax form for living trusts; the trust's income and deductions are reported on your personal tax return.

All other trusts need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts), which is supported in TurboTax Business.

TurboTax Business also generates the trust beneficiaries' Schedule K-1 forms, which the beneficiaries then report on their personal tax returns. (Think of a Schedule K-1 as the trust equivalent of a W-2.)

TurboTax Business is a Windows-only software program available as a CD or download.

[goyal_raj]

Thanks.

Yes, it is a revocable trust.

So I do not need to fill form 1041 or create a K-1 form, right?

Thanks again.