I have the option to reside in my parents home (both deceased) which is held in an irrevocable trust. The trust mandates I pay property taxes, maintenance, repairs, and utilities (there is no mortgage). The home won't transfer to me for 10 years. If the trust owns the property, but I pay all these costs, who gets the tax deductions/benefits? It seems the trust would, since it owns the home, not me.
Elder Law Attorney
I think the trust would get the deductions, but would then "K-1" them to you so you would get the ultimate benefit. Ask your CPA...
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7 lawyers agree
Estate Planning Attorney
I agree-you would get the deduction with proof of payment.
Your CPA would need to review the trust agreement and confirm.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.