Can I deduct trustee responbilties for my business on my tax return if they're performed at home?

Can I deduct trustee responbilties for my business on my tax return if they're performed at home?

by Paul K. Rudoy, CPA, PFS | Jan 25, 2018
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I use a portion of my home to conduct all trustee responsibilities. Can I deduct that portion of business on my tax return? Secondly, when I distribute trustee fees to the other trustee, do I need to complete a 1099-MISC to report that income to her and myself?

The deductibility of your trustee responsibilities depends on the nature of the business that you’re conducting in your home. IRS Publication 587, Business Use of Your Home, lists all the requirements for deduction that I recommend you check out.

Regarding the distribution of trustee fees, you should issue 1099s to those receiving the fees.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Paul K. Rudoy, CPA, PFS, is managing partner of H2R CPA in Pittsburgh, Pa.

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