How Do I Report My Trust Income?
Question: How is my fiduciary income from an irrevocable trust taxed. I received $8,880. What IRS forms do I file? Response: I am assuming you are asking as a trust beneficiary. If so, your trust [...]
Must Irrevocable Trust with Just $10 of Income File 1041 Return?
Question: Does our trustee need to file a tax return for 2021 for our irrevocable trust established on Dec 17, 2021? The only assets in the trust are our house we are still living in and some [...]
In What State Should Trustee File Return for Out-of-State Trust?
Question: I live in New Mexico and am the sole trustee of a trust created in Colorado which is also where over 90% of the trust assets are located. I am paid compensation. To which state do I owe [...]
