Question:
I have a rental property that I want to put into a revocable trust. For tax purposes, can the rental income and expenses still be reported as me and not the trust?
Response:
Yes. As long as you are a trustee of your revocable trust, you can use your own Social Security number for trust accounts and report the income on your tax return. You can also deduct the expenses of maintaining the property from the income. Both the income and expenses should be reported on a Schedule C. Only when and if the trust became irrevocable would you be obligated to obtain a separate tax identification number (EIN) and file a separate 1041 tax return for the trust.
