Does a Trust Account need to file I was appointed by the court to be trustee for my brother-in-laws trust account.
The trust consists of his home and $15,000 in cash. The only expenses are annual property taxes and home insurance. I have the money in a money market account and savings certificates. The income this past year was about $140 (the trust was set up in August).
I have a tax ID number for this account. It is set up as John Doe Testamentary Trust with Me as Trustee.
Should I file a federal and Oregon tax return for the trust. I have not had any luck perusing the IRS site to find my answer. If I do, do I use the regular 1040 tax return? Are there any other special forms I should consider.
I'm late to the table on this but this is such a simple thing to manage that it never dawned on me that I'd need to prepare a return.
Any help or advice? Thanks! |