arandersen
Level 3
05-08-2021
10:53 AM
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Trusts cannot have fiscal years, but there is a twist. Estates CAN have fiscal years and if a client has a living trust and then dies, that trust can elect to be included in the estate's income tax return, so in that case, the trust, as part of the estate, can have a fiscal year, but only because it is part of an estate.