Charitable Deductions For Non-Grantor Trusts

The general tax rule is that trusts compute their income and deductions as if they were individuals.1 Probably the most significant exception to this rule is the charitable deduction: The rules are so different for trusts that it may be easier to forget everything you know about individual income tax rules and start over.2 Grantors of grantor trusts deduct the contributions made by the trust as if

The general tax rule is that trusts compute their income and deductions as if they were individuals.1 Probably the most significant exception to this rule is the charitable deduction: The rules are so different for trusts that it may be easier to forget everything you know about individual income tax rules and start over.2 Grantors of grantor trusts deduct the contributions made by the trust as if the grantor had made them personally.3 If a trust is only parti

All access premium subscription

Your subscription will include 12 months of Trusts & Estates magazine and access to premium content on WealthManagement.com.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish