In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers. ABA had requested such clarification on behalf of banks offering fiduciary services to trusts and estates in a letter to the IRS in June. The IRS also requested comments on the effect of the suspension on the ability of a trust beneficiary to deduct amounts comprising an excess deduction upon the termination of a trust or estate.
Home builder confidence declines in February
Builder confidence in the market for single-family homes in February was 42, down from 47 the previous month, according to the NAHB/Wells Fargo Housing Market Index.