The Internal Revenue Service issued final regulations under Internal Revenue Code Section 67 regarding the application of the 2 percent floor to miscellaneous itemized deductions for non-grantor trusts and estates. Here’s what you need to know to comply with the new rules. Non-grantor trusts and estates may deduct certain miscellaneous itemized deductions only to the extent they exceed 2 percent of adjusted gross income (AGI). The stakes are high: If an expense is subject to the 2 ...

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