Summary Table for Estate and Trust Deduction Limitations

Charles (Chuck) Rubin
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Charles (Chuck) Rubin - Gutter Chaves Josepher Rubin Forman Fleisher P.A.

In the 2017 Tax Cuts and Jobs Act, new Code §67(g) was added to prohibit individual taxpayers from claiming miscellaneous itemized deductions through 2026. Questions have arisen as to what deductions of non-grantor trusts and estates come under this provision, including deductions that carry out to beneficiaries in the year of termination of the estate or trust. Notice 2018-61 provided some guidance, and now the IRS has issued proposed regulations to provide guidance.
 
The final treatment of these items is not the easiest thing to follow, as it gets caught up in definitions of adjusted gross income, miscellaneous itemized deductions, and other related provisions. I thought a table that breaks the various deductions into categories and the treatment of the category would be a helpful tool. You can download it here
 
Proposed Treas. Regs. §1.67-4; Proposed Treas. Regs. §1.642(h)-2
 
 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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