Skip to main content
March 24, 2024
Solved

I put my primary home, located in California, into a trust in 2023. How do I handle this in my filing (e.g. interest paid, property taxes) versus in prior years?

  • March 24, 2024
  • 1 reply
  • 0 views
Any help on highlighting additional required forms or specific changes on my 1040 deductions would be appreciated. 

This is our primary home with no income.
Best answer by Vanessa A

The trust does not affect how you will handle your taxes. 

 

If this is your primary home, you would still handle it the same way as you did prior to putting your home in the trust.  You are still legally liable for the mortgage and property taxes.  So, if you itemized your return in the past, you can still do so.  Even if you didn't and this year, you happen to pay more in interest and taxes than in past years, you can still itemize.  

 

Standard versus Itemized Deduction

1 reply

Vanessa AAnswer
March 24, 2024

The trust does not affect how you will handle your taxes. 

 

If this is your primary home, you would still handle it the same way as you did prior to putting your home in the trust.  You are still legally liable for the mortgage and property taxes.  So, if you itemized your return in the past, you can still do so.  Even if you didn't and this year, you happen to pay more in interest and taxes than in past years, you can still itemize.  

 

Standard versus Itemized Deduction

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"