Possi Posted March 31, 2021 Report Posted March 31, 2021 My clients purchased a third rental property and the "borrower" is actually their Revocable Living Trust. Do I just carry on as if it was purchased by them without regard to a trust? I have never seen this Trust. Never seen a K1 from a Trust, either. So, can it be that this Trust is not its own entity requiring its own tax return? I hope I'm overthinking this one..... Quote
Gail in Virginia Posted March 31, 2021 Report Posted March 31, 2021 USUALLY, revocable living trusts are just ignored until someone dies and the trust is actually funded. YMMV. 2 1 Quote
Possi Posted March 31, 2021 Author Report Posted March 31, 2021 26 minutes ago, Gail in Virginia said: USUALLY, revocable living trusts are just ignored until someone dies and the trust is actually funded. YMMV. So, I can carry on as if it was purchased in the Client's name, correct? Quote
BulldogTom Posted March 31, 2021 Report Posted March 31, 2021 24 minutes ago, Possi said: So, I can carry on as if it was purchased in the Client's name, correct? Yes. Tom Modesto, CA 3 Quote
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