I am the administrative trustee of a an irrevocable trust, the sole income of which is rent on land owned by the trust via a 99 year lease. There are no expenses and all income is distributed to the beneficiaries -- my sister and I -- neither of whom would ever consider not reporting the income.
Other than the annual check, the trust receives no paperwork from the lessee regarding the rent payment.
For decades, I have filed identical annual returns consisting of Form
1041, Schedule E and K1s. This is hardly an onerous task, but one that I could do without. I am approaching the point where every half hour counts.Is there a risk of consequences should I simply stop filing?