Solved
Can tax preparation fees be deducted from the income of a simple trust on Form 1041
Tax preparation fees for tax year 2023 paid in 2024. This is a simple trust.
Yes, on line 14.
"Expenses for preparation of fiduciary income tax returns, the decedent's final individual income tax returns, and all estate and GST tax returns are fully deductible. However, expenses for preparing all other tax returns, including gift tax returns, are considered costs commonly and customarily incurred by individuals and are not deductible."
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