- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Not being too familiar with 1041's, really appreciate this forum.
I have a Grantor trust where the income passes through to the Grantor, included on Grantors Sched D,. Thus showing no income for the trust. My question is this, how do I account for bond and accounting expenses related to the trust? Using Basic and fillable 1041 PDF.
TIA.
Best Answer Click here
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In my opinion.. If you have the K-1 or Grantor Letter from the Trust... Just enter as a K-1 and it should flow to the proper areas.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks for the insight!
The only place I see that would make sense on a K1 entry would require checking Final Year Deductions. Which is not accurate. Hmmm.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I would have to look later ( I am currently at work) ... Why would it be final year deductions... Is the K-1 Final ?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
K-1 is not final hence inappropriate to use that as an entry field.
Thank you!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The bond and accounting fees are not deductible. They were misc itemized deductions subject to the 2% of AGI rule, but currently not allowed.
The more I know the more I don’t know.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks!
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You're welcome.
The more I know the more I don’t know.
