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Old 01-28-2013, 10:29 PM
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Smile House in Trust, I live in it with my disabled bro

My Mom died in 2010 and the house was placed in trust to be eventually sold and split 4 ways amongst the sibs. I moved it, to live with and take care of my mentally challenged brother. The problem is, I pay for the taxes and insurance which is quite a lot! I am also the Executor. My question is, since I am the Executor, and pay the taxes, can I claim them on my tax return? I am not married and I do not make a heck of a lot of money, so this arrangement is draining me ! Thanks to anyone who can help !

Sally V.



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Old 01-29-2013, 12:07 AM
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“ My question is, since I am the Executor, and pay the taxes, can I claim them on my tax return?”=======> When preparing a decedent’s final income tax Form 1040, or an estate or trust’s Form 1041, you may deduct certain types of interest and taxes. Interest paid on mortgages and real estate tax and state and local income tax can be dedcutcted.You are entitled to deduct the taxes on the home only if your name is on the title of the property. The trust can deduct it.The executor responsible for filing the estate tax return and calculating the taxable estate can take certain deductions to reduce the tax liability. The deductions that are available to reduce the value of the gross estate are limited to specific expenses that have an array of requirements.



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