The IRS made few changes in final regulations clarifying that estates and trusts can still benefit from certain tax breaks, despite the 2017 tax law’s suspension of miscellaneous itemized deductions.
The regulations, released Monday, confirm that several deductions are still permitted for trusts and estates, including those for administrative costs.
The deductions weren’t affected by the new tax code Section 67(g), which temporarily suspended many itemized deductions from 2018 through 2025. Prohibited tax breaks include deductions for expenses employees incur for union dues and deductions for tax preparation fees.
The final regulations (T.D. 9918; RIN 1545-BO87) ...
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