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?

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Level 4

Question

Simple Trust

Forum|Forum|2 years ago
February 15, 2024
1 reply
2 views

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?

Not A Product Question

globug666Author

Level 4

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

Anonymous_

Level 15

No text available

globug666Author

Level 4

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?