Which deductions?
Simply put, if the deductions are those that a hypothetical individual (i.e., a person holding the same property with the same expenses) would incur, then they are not deductible on a 1040.
Another way to put this would be that any expenses that are unique to holding property in the trust are deductible (those expenses would be ones that an individual would not incur, such as preparing a 1041 for the trust).
