IRS Issues Final Regs on Post-TCJA Deductions for Estates and Non-Grantor Trusts, Oct. 1, 2020

The IRS has released final regulations to clarify that estates and non-grantor trusts are entitled to take certain deductions even after the 2017 tax reform legislation eliminated miscellaneous itemized deductions and suspended the personal exemption for 2018025. Generally, non-grantor trusts are entitled to deduction otherwise deductible expenses that would not be incurred but for the fact that the property or assets are held in trust. For more information on the taxation of trusts and estates, visit Tax Facts Online.