My father’s house is in the Trust and I am currently trying to sell it. Unfortunately the real estate market is slow so it hasn’t sold during the 45 days it’s been on the market. I am considering renting it. My understanding is that expenses related to the house can’t be deducted unless the house is being rented. Is that correct? I know that if I put on improvements like a new roof it can be added to the basis of the house.
The Trust pays for my father’s partner’s assisted living facility. He lived with her for 20 years. My understanding is that the assisted living costs can’t being deducted from the Trust but medical costs of course can be deducted by his partner on her tax return over the 7.5% threshold of income.
