1041 Trust question

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  • Kram BergGold
    Senior Member
    • Jun 2006
    • 2112
    #1

    1041 Trust question

    The prior preparer deducted insurance, repairs and utilites on a house owned by a trust. At times during that year this house was used by the family. Do you agree that this is incorrect?
    Tags: None
    • Bees Knees
      Senior Member
      • May 2005
      • 5456
      #2
      I agree. If the house is used for personal purposes, it is not investment property. Therefore, no deduction for investment expenses.

        Comment

        • Roland Slugg
          Senior Member
          • Aug 2006
          • 1860
          #3
          It depends how much the house was used by the family. See Code ยง280A. The rules apply to trusts as well as individuals.
          Roland Slugg
          "I do what I can."

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