I am trustee and beneficiary of a Credit Shelter Trust which owns 50% of my house. The remaining 50% is owned jointly by my wife and myself. I divide property tax payment between my personal account and from trust account (as Trustee). Can I deduct the 50% property tax payment from trust on 1041 return?
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believe these vehicles aren't any different than if you owned the house yourself so you get a grantor letter and it goes on your 1040 anyway.
Yes, you can report the 50% property tax payment for the trust by going to federal taxes>deductions>expenses taxes and fees>taxes. There is a section where you will report real and personal property taxes.
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