Level 15

Deductions & credits

@wmbaker3 wrote:

Here's the IRS text on this issue:....

Under Proposed Regulations 113295-18 PDF....

Below is a partial screenshot of the K-1 that was redesigned with a new code for non-miscellaneous itemized deductions.




NOTE that not much has changed regarding costs incurred by the estate or trust that would normally have been incurred by a hypothetical individual; such costs are still treated as miscellaneous itemized deductions and are not currently deductible (under current tax law).