2020 – 09/22 Final guidance is available for decedent’s estates and non-grantor trusts on the treatment of certain deductions. The Tax Cuts and Jobs Act prohibits individuals, estates and non-grantor trusts from claiming miscellaneous itemized deductions for tax years after 2017 and before 2026. The final regulations clarify deductions that don’t fall under that heading, which can be used to figure adjusted gross income, including administrative costs to manage property held in the estate or trust. The regs also provide guidance on determining the character and treatment of deductions that exceed gross income to the beneficiary, when the estate or trust is terminated. Here’s more: https://bit.ly/2FRZ3sq
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