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Taxation & Estate Planning

: Rubin on Tax

Summary Table for Estate and Trust Deduction Limitations

By Charles Rubin

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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. Questions/comments/corrections - please email me at crubin@floridatax.com.

Proposed Treas. Regs. §1.67-4; Proposed Treas. Regs. §1.642(h)-2

Full post as published by Rubin on Tax on May 17, 2020 (boomark / email).

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