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Business & farm
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.
May 22, 2024
11:53 AM