grantor trust with rentals

Am I over thinking this. I have these grantor trusts that all the rentals were placed in  grantor trusts and all income and bank accounts carry the trust id.  I have to enter all the income and  assets on the personal which are already there since they have been clients for years. Now I have to duplicate all that information in the trust return so that the statements for the trust show all the income and depreciation and sales of any properties that I am reporting on their personal return. I guess I am asking now  I will have assets and depreciation in 2 different modules the 1040 and 1041 and make sure that they line up every year. Anyone dealing with this situation. I would like to get it off my desk but looks like an extension if setting up all this  asset depreciation is required.



No answers have been posted

More Actions

People come to Accountants Community for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: