Solved
Schedule K-1 and Bank Fees
We received a Schedule K1 from a trust managed by a bank. Can the bank fees be deducted from the income received? Is there any way to account for these fees?
The fees should be an expense on the trust return and the difference, net income, should be what shows up on the beneficiary K1s. If this is not how it was handled, maybe discuss with the person or persons who prepared the trust return.
Please update here if you have questions and we will help.
**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"
