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jjm-cffsllc-com
Level 1
April 3, 2024
Question

Hus/wife have trust that owns 2 LLCs w rental income & 2 LLCs that own securities w dividend income. Do H&W need to file a 1041 or as K-1 income on Form 1040?

Does a 1041 have to be filed with the LLC income or can the taxpayers include the LLC income via K-1s?
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1 reply

IRonMaN
IRonMaN
Level 15
April 4, 2024

A two member LLC generally means a partnership return needs to be filed.  As far as trust reporting goes, an irrevocable trust requires to be reported on a 1041 but a revocable trust is treated as if the taxpayers still own things personally.

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