topic 1041 expenses for inherited home/ IRC 67(g) in Deductions & credits

1041 expenses for inherited home/ IRC 67(g)

Bs4ucla — Sat, 01 Mar 2025 16:55:47 GMT

What expenses are listable on immediate sale of inherited home( took 6 months to sell and close).

i know certain closing items such as sales comm, property taxes at closing, plus existing 6 months prop taxes paid.

what about:

1) mortgage payments for 6 months ?

2) gardner, pool man,

utilities paid?

3) insurance ?

4) repairs?

5) regular maintenance ?

6) home improvements( new flooring, paint,)

any of those not allowed?

did IRC 67(g) get repealed? How does that effect deductions for 2024 final?

Re: 1041 expenses for inherited home/ IRC 67(g)

M-MTax — Sat, 01 Mar 2025 17:16:23 GMT

@Bs4ucla wrote:
did IRC 67(g) get repealed?

No, it has not been repealed.

Miscellaneous itemized deductions are not allowed for any taxable year beginning after December 31, 2017, and before January 1, 2026.

Re: 1041 expenses for inherited home/ IRC 67(g)

M-MTax — Sat, 01 Mar 2025 17:21:22 GMT

Also, costs that "commonly or customarily would be incurred by a hypothetical individual holding the same property" are not deductible merely because the property is held in an estate or trust.

See https://www.thetaxadviser.com/issues/2014/aug/cantrell-aug14.html