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Don't forget that this means you need to allocate tax deductible expenses between the taxable and tax-exempt income.


There really aren't any. There are no trading or management expenses. Since it was an estate, the banks waived early termination penalties on the CDs. The estate hasn't paid any taxes and none were withheld. The interview did ask about a number of expenses. The only one that might have applied would be the cost of the H&R Block At Home software, but it was bought in 2012. As a miscellaneous item would not have resulted in a deduction anyway. I plan on ignoring it.
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