I am the fiduciary of my fathers trust. He died in 2006. In this trust is a land lease that receives $4500 a month in rental income from a gas station that sits on the land. I give my sister $2400 a month from this rent and I give myself the balance of the monthly rent minus about $30 to keep in the trust bank account for any fees or expenses I might pay that come up over the year.
I have been filing a 1041 every year as a complex trust. I have read the instructions about choosing if my trust is a complex or simple trust but am confused. I was thinking if my trust could qualify as a simple trust I could take advantage of the $300 deduction as opposed to the $100 deduction for a complex trust when I file the 1041 every year. My question is my trust a complex or a simple trust? Thank you.