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February 10, 2025
Question

Can Homeowners Insurance be deducted on a Trust 1041?

  • February 10, 2025
  • 1 reply
  • 0 views

Probably not unless it was rented. I would guess the same rules apply to a Trust as an individual owning a home and the homeowners insurance can’t be deducted unless it’s rented out. 

    1 reply

    M-MTax
    February 10, 2025

    You are correct; it's tough to get around the Section 67(e) Regulations.

     

    I do know some who have relied on Section 212 (to maintain and conserve trust/estate property) but I believe it's dicey in light of the Section 67(e) Regulations and has been abrogated by the former.