Family Trust Question

My father passed away in 2010 leaving his house in a family trust with me as the trustee and whenever we are able to sell it my brother,sister and myself are equal beneficiaries.

In aug 2011 the house suffered damage from a major flood and my brother put 2500 dollars in the trust account to cover the cost of fixing it back up to where it was at pre flood. Can he write any of that cost off on his personal income tax return.

Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.


Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you each month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.


Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.


Like Bookkeeping-Basics.net?