Deductibility of Trust Expenses Under the Tax Cuts and Jobs ActDeductibility of Trust Expenses Under the Tax Cuts and Jobs Act
Changes may tip the scale in favor of distributing property.
The Tax Cuts and Jobs Act of 2017 (the Act), was signed into law on Dec. 22, 2017, bringing a myriad of changes to the Internal Revenue Code and sparking a substantial amount of commentary and analysis. While much attention has been centered on the consequences of the Act for individual and business taxpayers, relatively little focus has been given to the impact of the Act on trusts and estates. Many of the provisions of the Act that apply to individuals are indeed equally applicable to trusts and estates, but the suspension of miscellaneous itemized deductions under IRC Section 67(g) should prompt a renewed focus on the allocation of expenses of trusts and estates and may, for some trustees and executors, tip the scales in favor of dist...
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