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Deducting house repairs and improvements from a trust
I am a friend-of-the-family trustee, with no personal interest, of a complex, irrevocable trust. The beneficiary is the daughter of the trustor and lives on a property owned by the trust. Can I:
a) deduct costs of repairs and maintenance from the trust?
b) deduct costs of improvements from the trust? If so, in the current year, depreciated over time, or only when the property is sold?
March 9, 2020
10:08 AM