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:
I am a bit lost on this?
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?
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?
Thank you for your help. I want to hire Turbo Tax do do this. Do they need to depreciate the property?