Skip to main content
Level 1
October 25, 2023
Question

Revocable Trust

  • October 25, 2023
  • 1 reply
  • 1 view

I created a Revocable Trust this year and moved all my assets into the trust name. Do I do my taxes the same way that I always have since I’m the owner of the trust and it’s all the same properties, loans, assets, etc? Or, what do I need to know about filing differently now?

1 reply

Level 15
October 25, 2023

@mhoffman44 wrote:

....do my taxes the same way that I always have since I’m the owner of the trust....


Yes, your taxes basically stay the same since the trust is treated as a disregarded entity for federal income tax purposes (you are treated as the owner of the trust assets).

 

There are several options for reporting.

 

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286018