Paul Bonner: Final regs. outline trust and estate expenses still deductible under TCJA (September 22, 2020)

Paul Bonner’s column in the Journal of Accountancy focuses on new IRS tax law updates. His article, Final regs. outline trust and estate expenses still deductible under TCJA, begins as follows:

The IRS on Monday issued final regulations (T.D. 9918) clarifying that certain expenses incurred by, and certain excess deductions upon the termination of, an estate or nongrantor trust are not affected by the suspension of miscellaneous itemized deductions for tax years 2018 through 2025. The regulations also provide guidance on determining the character, amount, and allocation of excess deductions that are succeeded to by beneficiaries.

To see the full article, click: Final regs. outline trust and estate expenses still deductible under TCJA

Posted by David Brito, Managing Associate Editor, Wealth Strategies Journal.

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