stevenpaul
Level 2
07-14-2020
02:52 PM
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I have a client with a Qtip trust that owns one half of her residence. I am allocating one half the property taxes for that residence to the Qtip trust. That trust has mostly tax exempt income. Am I required to allocate the property tax deduction between taxable and tax exempt income?
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Accountant-Man
Level 13
07-14-2020
07:31 PM
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No. Only fees, like tax prep and attorney.
** I'm still a champion... of the world! Even without The Lounge.
Steve52
Level 1
07-14-2020
07:40 PM
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Thanks for the quick reply! I kind of thought that was going to be the answer...but comfort comes with confirmation.
