Given all the changes in the 2018 tax code, where in TT Business will a trust record deductible legal expenses?
In a trust with dividend income and holding rental property, where are the general (trust related) expenses deducted against?
What if those legal expenses result in a loss (meaning greater than the total rental income and trust income)?
"The IRS’s Notice 2018-61 clarifies that an estate or trust may continue to deduct expenses incurred in the administration of an estate or trust, which would not otherwise be incurred if the property were not held in such estate or trust."
https://www.schgroup.com/resource/blog-post/the-tcja-impact-on-estate-and-trust-miscellaneous-deduct...
https://www.thetaxadviser.com/issues/2018/dec/clarification-itemized-deductions-trusts-estates.html
