JackW
Level 3
06-29-2020
09:01 AM
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A trustee receives fees that are miscellaneous income not subject to self employment tax. The trustee also incurred trust expenses that were out of pocket. Can I reduce the trustee fees by the expense incurred and use the net as trustee fees subject to tax. Where do these expenses go on the trustees Form 1040?
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Level 15
06-29-2020
10:29 AM
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The trust should be reimbursing the trustee for expenses incurred.
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