The IRS plans to issue regulations clarifying that certain estate and nongrantor trust expenses remain deductible and are not subject to the miscellaneous itemized deductions suspension. For tax years beginning after 2017 and before 2026, miscellaneous itemized deductions that are subject to the 2-percent-of-adjusted-gross-income floor are suspended and may not be deducted. Under Code Sec. […]
The post IRS Clarifies Estate and Non-grantor Trust Expenses Not Subject to Miscellaneous Itemized Deduction Suspension (Notice 2018-61) appeared first on Tax & Accounting Blog.