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?
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sunshine39
Level 1
EricBBL
Level 3
cparke3
Level 4
TaxAdvice
Level 1
Alimy22
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.