4 Tips For Estates To Cope Without Miscellaneous Deductions
By Amy Lee Rosen (August 2, 2018, 9:01 PM EDT) -- Last year's tax overhaul suspended miscellaneous itemized deductions through the end of 2025, spurring trust and estate practitioners into gear to devise tax planning strategies to deal with the change.
The tax overhaul signed in December by President Donald Trump included a temporary bar on miscellaneous itemized deductions, (AP)
The Tax Cuts and Jobs Act added Internal Revenue Code Section 67(g), which bars taking miscellaneous itemized deductions from Dec. 31, 2017, until Jan. 1, 2026. The ban could hit trusts and estates especially hard, since they are subject to higher rates of tax at lower thresholds compared to individuals.
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