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I have a question about Form 1041. Thanks - I set up a

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Hi - I have a question about Form 1041

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Thanks - I set up a Family Trust in 6/17. I put my house in a trust with two beneficiaries. I didn't sell the house, but I still have to file form 1041?

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2/13/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
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In general, you will not have to file IRS Form 1041, the U.S. Income Tax Return for Estates and Trusts, for your revocable living trust.

All interest, dividends and other income earned by those assets are reported to the IRS on your own tax return. All income earned by your revocable living trust is reported on your personal Form 1040, not on a separate revocable trust tax return.

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If you have created an irrevocable trust, then you will need to file IRS From 1041.

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Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
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Customer reply replied 4 months ago
What I did was put my house in a Family Trust, but I did not sell it yet. The Trust has an EN, and I got a notice from the IRS that I had to file Form 1041. The house was not sold yet

If the trust is irrevocable and earned over $600 of income then you would have to file a 1041.

From what you state you would not have a filing requirement.

I suggest calling the IRS or respond to their notice and inform them of the type of trust you have and that the home is the only asset of the trust.

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