turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Deductions on Joint 1040 for Family Property Trust Upkeep Expenses

If my husband manages a property trust and we as a household pay for the upkeep expenses on the property- how exactly do we deduct the expenses associated with administering over the trust? The 1040 puts a cap on deductions (only allowing % of our AGI as joint filers, whereas the 1041 has no cap on those deductions) 

. So how do we capture/realize these expenses/deductions on our joint 1040?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
mirthaguer
Employee Tax Expert

Deductions on Joint 1040 for Family Property Trust Upkeep Expenses

Generally if you form a trust and transfer your home to the trust as long as you keep the ability to make changes the i s called "grantor trust" and is ignored for tax purposes.      The income and deductible expenses are deducted by the grantors.   The fact that you transfer a property to a trust does not make the expenses in connection with the property deductible  You can deduct the same expenses you could deduct when you had title to the property such as real estate taxes paid and interest, etc.  You  cannot deduct  personal expenses such as painting home, etc. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies