![]() section 212, which allows deductions for amounts paid or incurred “for the production or collection of income” and “for the management, conservation, or maintenance of property held for the production of income,” as well as expenses “in connection with the determination, collection, or refund of any tax,” and deductions under section 212 are generally within the definition of “miscellaneous itemized deductions” in section 67(b). ![]() Most expenses of administering an estate or trust are deductible by reason of I.R.C. Under section 67 of the Internal Revenue Code, “miscellaneous itemized deductions” are allowed only to the extent that the total of the deductions exceed 2% of adjusted gross income. 115-97, commonly known as the Tax Cuts and Jobs Act of 2017 (although that name was deleted from the bill), and the issue addressed by Notice 2018-61, it necessary first to understand how administration expenses were treated under prior law. To understand the change made by the 2017 tax act, P.L. ![]() ![]() 278 (), the Internal Revenue Service has confirmed that administration expenses of trusts and estates that were fully deductible before the enactment of the 2017 tax act are still fully deductible for income tax purposes, notwithstanding the elimination of “miscellaneous itemized deductions” under the 2017 tax act. ![]()
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