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11Buster
Level 5
May 11, 2020
Question

Excess deductions on termination of a trust

  • May 11, 2020
  • 2 replies
  • 8 views

Under the TCJA, are these pass-through deductions still allowed on schedule A?

This topic has been closed for replies.

2 replies

abctax55
abctax55
Level 15
May 11, 2020

There was just a recent clarification on this issue.  I read about it over the weekend; not sure I can find the link right now...

The " excess deductions" have to be identified, and if they would have been other than Sch A misc (as in not deductible due to TCJA...) they are deductible.  

Which means some amended returns may need to be done.

HumanKind... Be Both
    abctax55
    abctax55
    Level 15
    May 11, 2020

    https://www.currentfederaltaxdevelopments.com/blog/2020/5/8/proposed-regulations-upon-which-taxpayers-may-rely-issued-for-excess-deductions-on-termination

    HumanKind... Be Both
    1
    11BusterAuthor
    Level 5
    May 11, 2020

    Thanks! Yes, I googled and had found the same link/article.

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