Estate Tax-Federal Estate Tax

Albert T asked:


I bought a new house and havent sold the first one yet? Can i deduct mortgage interest from both? What about real estate taxes? Both houses are in NY city.

Eun Arre

Mike asked:


I know that a trust or estate,for tax purpose, serves as a tax conduit whereby no income tax on it. Is my understanding correct? if correct, how come the IRS has income tax rates for estates and trusts?
If a trust or estate distributes its current year’s income to its beneficiaries, does the trust or estate need to pay income tax on its distribution?

Harry