Rental Property in an Irrevocable Trust

Forum|Forum|4 years ago
April 17, 2022
2 replies
20 views

My client moved her rental property deed into an irrevocable trust beginning in 2022. I usually file her rental property using Schedule E, will that change for 2022? Will I need to file a trust return or continue using Schedule E?

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BobKamman

Level 15

Same answer as if she had deeded it into a ham sandwich. Without knowing what kind of irrevocable trust -- for example, "intentionally defective" -- no one can say.

J

jsoles24Author

Level 3

Thank you! I will find out the type of irrevocable trust. The client hasn't set it up yet and is working with an attorney to determine the best type of trust to deed the rental property into. Thanks again.

R

ramraor

Level 2

MY CLIENT MOVED 2 RENTAL PROPERTIES UNDER IRREVOCABLE TRUSTS IN 2022

TILL THEN, RENTAL INCOME WERE FILED UNDER SCHEDULE E. FOR YEAR 2022 WHETHER HE

CONTINUE FILING RENTAL INCOME UNDER SCHEDULE E - 1040 - 2022 OR SOME OTHER WAY ?