Simple Trust

[globug666]

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?

[globug666]

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

[globug666]

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?

[globug666]

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?

[globug666]

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