The basis of property inherited from a decedent is generally one of the following.The FMV of the property at the date of the individual's death.The FMV on the a...
Normally the distribution carries through DNI if made in the same year as the income is earned. Nevertheless, if the trust has paid any tax due a K-1 is not nec...
Yeah, I believe the Service is fine with the deduction provided the taxpayer has the benefits and burdens of ownership. In legal terms, that's the functional eq...
There is no rule allowing a beneficial owner to deduct the taxes. Tax court cases have permitted the deduction when taxpayers have proved they are equitable ow...
Sorry for your loss.Whether you assumed the mortgage is irrelevant if the house was titled in your name individually when it was rented. If that's what happened...
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