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jp29
Level 2
November 16, 2022
Question

Irrevocable trust

  • November 16, 2022
  • 1 reply
  • 4 views

My husband and I are retired and have placed all our real estate in an Irrevocable trust. What expenses are deductible on the trust tax return?

    1 reply

    R
    R-SchuleCPA
    Level 5
    November 16, 2022
    There are some other irrevocable trust deductions that may help further reduce the tax burden to the trust or estate.
    • Investment Advisory Fees.
    • Bond Premiums.
    • Theft Losses.
    • Income Distribution.
    • Qualified Mortgage Insurance Premiums.
    • Cemetery Perpetual Care Fund.
    • Estate Taxes.
    • Charitable Deductions.
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