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Can special needs tax return 1041 deduct rental fee and

Customer Question
payroll expenses? JA: Thanks. Can you...
can special needs tax return 1041 deduct rental fee and payroll expenses?
JA: Thanks. Can you give me any more details about your issue?
Customer: file 1041 for parent who had special needs trust and paid rent fee and pay worker's wages. Can fees be deducted?
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Submitted: 1 year ago.Category: Tax
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Answered in 7 hours by:
3/28/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,712
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'm PDtax. I'll assist.

Yes, the SNT can deduct payroll expenses and rental fees against its income. The expenses should be for the established purpose of the trust, but both can be deducted.

Thanks for asking at Just Answer. Positive feedback is appreciated when you rate my assistance. I'm PDtax.

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Customer reply replied 1 year ago
Which line of 1041? Are you a CPA?
Thanks!
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

The 1041 reporting of rents is on line 15a, allocated between taxable and tax-free incomes.

Payroll is deducted on the same schedule.

I am a CPA, licensed in New York. You can check my credentials on the site. I own a CPA firm.

I have a special needs trust as one of my personal tax clients.

PDtax

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Customer reply replied 1 year ago
Thanks!
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

Please rate my assistance to close out your question. I'm glad to help.

PDtax

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PDtax
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