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1041 Trust question

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    #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?
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    #2
    I agree. If the house is used for personal purposes, it is not investment property. Therefore, no deduction for investment expenses.

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      #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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