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.