Schedule K-1 and Bank Fees

[ChrisCharpy]

We received a Schedule K1 from a trust managed by a bank. Can the bank fees be deducted from the income received? Is there any way to account for these fees?

[DianeW777 · Accepted solution]

The fees should be an expense on the trust return and the difference, net income, should be what shows up on the beneficiary K1s. If this is not how it was handled, maybe discuss with the person or persons who prepared the trust return.

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