Inherited vacation home was kept in the deceased parent irrevocable trust for 20 years after death. The heirs used it mostly for personal use, and the very occasional rental. They finally decided to sell, so capital gain (since step-up) was correctly reflected on their 2020 K-1's.
Over the years, the beneficiaries spent significant funds on major renovations not reimbursed by the trust. Can these expenses be added to basis against the K-1 capital gain income on an individual's 1040 return? If so, how? Or is there another way to deduct these expenses?
PS - There are still other assets, so it is not a final K-1.