An accounting question that is probably relevant to many on this site. (I scrolled the titles to posts in this category for the last 4+ years and can’t find if it’s been addressed.)
I’m very new to all of this and last year when I succeeded as trustee to a discretionary family trust with mineral properties in Texas, I was lost. So I joined NARO (National Association of Royalty Owners) and attended their conventions in Texas and the national convention in Oklahoma City. I attended many seminars and learned enough to know what I’m doing in running the trust. It was necessary.
Are the various expenses for NARO conventions deductible on the trust 1041 return? I have travel, hotel, membership fees, convention registration fees and several individual seminar registration fees.
And if they (hopefully) are deductible, should they be listed as trustee expenses or should I try to put them in their respective categories on Schedule E? Or does it matter? (I do not pay myself as trustee, because I’m a beneficiary also and I’m fine with sharing in the trust income with my family that way.)