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Am I required to allocate property taxes between tax exempt and taxable income for a residence included in a trust

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Level 2

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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Level 10

No. Only fees, like tax prep and attorney.

** I'm still a champion... of the world! Even without The Lounge.

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Level 10

No. Only fees, like tax prep and attorney.

** I'm still a champion... of the world! Even without The Lounge.

View solution in original post

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Level 1

Thanks for the quick reply! I kind of thought that was going to be the answer...but comfort comes with confirmation.

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