TD 9918: Non grantor Trusts Misc. Itemized Deductions

Treasury has released final regulations contenting amendments to Treas. Reg. §§1.67–4, 1.642(h)–2 and 1.642(h)–5, clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the property were not held in the estate or trust, the personal exemption of an estate or non-grantor trust, the distribution deduction for trusts distributing current income, and the distribution deduction for estates and trusts accumulating income, are adopted.

To see final regs click TD 9918: Non grantor Trusts Misc. Itemized Deductions.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s