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A
AJMorris
Level 4
March 9, 2024
Question

1041 Estate Return - Mortgage Interest and Property Tax deductions

  • March 9, 2024
  • 2 replies
  • 14 views

Father passes away and leaves home and other nominal assets to beneficiaries.  Home is not occupied after death, rather put on the market and sold.

Are the property taxes and mortgage interest from date of death to date of sale deductible on the 1041?

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2 replies

BobKamman
BobKamman
Level 15
March 10, 2024

Yes.  But what you really should be asking about are the insurance and utilities.

    A
    AJMorrisAuthor
    Level 4
    March 10, 2024

    Interest and Prop Taxes are 90% of the total costs.  I'll bite, what about utilities and insurance?  The trust has a loss on the transaction and a loss overall, both Fed and State.

    sjrcpa
    sjrcpa
    Level 15
    March 10, 2024

    Mortgage interest = Investment interest here. Probably not much of a deduction.

    The more I know the more I don’t know.
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