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Deductions & credits
You are spot on!
I am trying to understand the tax implications of an IDGT and NGT and got conflicting information for two professionals (cpa said One could and lawyer said One couldn’t deduct corporate trustee fee) and can’t figure out where I could find the right answer and so trying to find it out here.
here is what I’ve gathered so far for the tax treatments of IDGT vs NGT: Basically for an NGT margin seems to be a lot easier to take a deduction on given the low standard deduction. Also the fiduciary trustee fee is definitely deductible.
trying to understand how these work for an IDGT: since everything flows to my returns, assuming margin interest won’t matter unless I itemize and total amount exceeds SD (assuming margin is used for investment/ business purposes). However I can’t find anything specific for the professional fee. Based on what I understand so far from the boards above, I shouldn’t take a deduction…