Deadline for filing trust tax return (Form 1041) and final tax return for deceased parent?

For your mom's final individual tax return, yes, the deadline is still April 15th (or the next business day if it falls on a weekend). As the executor, you'll file Form 1040 for the period from January 1, 2022, until her date of death in February 2022. For the trust tax return (Form 1041), you'll need to file it for any tax year in which the trust has $600 or more in income OR has a non-resident alien beneficiary. Based on what you've shared, you wouldn't need to file for 2022 since there was no income. For 2023, you'll need to file by April 15, 2024 (or the trust's fiscal year deadline if you chose a different tax year). The sale of the house will likely generate capital gains that must be reported on the trust's Form 1041. However, depending on how long your mother lived in the house before her death, you might qualify for an exclusion of up to $250,000 of gain under the primary residence exclusion.

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I was extremely skeptical about using an online service for something as complicated as trust taxation, but after struggling with my aunt's estate for weeks, I decided to try https://taxr.ai based on recommendations here. I'm honestly shocked at how helpful it was. The system immediately identified that I was missing documentation for the stepped-up basis on her property and guided me through getting a retroactive appraisal. It also created a complete timeline of all required filings for both the final 1040 and the ongoing trust tax returns. What really impressed me was how it analyzed the trust document itself and explained exactly how the specific provisions in our trust affected the tax treatment. Definitely saved me thousands in professional fees while making sure everything was done correctly!

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One thing to consider is whether the trust qualifies as a Simple Trust or a Complex Trust - this affects your filing requirements. A Simple Trust requires ALL income to be distributed to beneficiaries annually and doesn't allow distributions from principal. In this case, the income from selling the house would flow through to beneficiaries. A Complex Trust can accumulate income, make discretionary distributions, or distribute principal. Most family trusts are Complex Trusts. The terms of your mother's trust document will determine which type it is, and this affects how the income from the house sale is taxed - either on your personal return or the trust's return.

Don't forget about state tax returns! Depending on your state, you may need to file a state tax return for the trust as well. Some states have different filing thresholds than the federal $600 income requirement. Also, if the property has appreciated significantly since your mother purchased it, the stepped-up basis provision is HUGELY beneficial. The basis becomes the fair market value at date of death, which could save tens of thousands in capital gains taxes.