Am I required to allocate property taxes between tax exempt and taxable income for a residence included in a trust

[stevenpaul]

I have a client with a Qtip trust that owns one half of her residence. I am allocating one half the property taxes for that residence to the Qtip trust. That trust has mostly tax exempt income. Am I required to allocate the property tax deduction between taxable and tax exempt income?

[Accountant-Man · Accepted solution]

No. Only fees, like tax prep and attorney.

[Steve52]

Thanks for the quick reply! I kind of thought that was going to be the answer...but comfort comes with confirmation.