McKinney Texas Form 1120-REIT 2024-2025

McKinney Texas Form 1120-REIT: What You Should Know

PART II—Deductions The table below shows all the deductions (in excess of 200,000) available to the Real Estate Investment Trusts. These deductions are not part of the gross income because they are allowed against the trust's income. These expenses are subject as income to the trust income calculation, unless they are properly excluded from the trust income calculation, then they are treated as capital expenditure expenses. Capital Gains Deduction: Amounts on capital gains (a.k.a. dividend income); and Deductible expenses for the purpose of establishing the Trust Fund Value (an expense that is not part of gross income or deductible, is allowable against the trust's gross income, and is allowed against the trust's net taxable income). Real Estate Capital Gains Deduction: Amounts on real estate investment activity; Deductible expenses to establish the Trust Fund Value (an expense that is not part of gross income or deductible, is allowed against the trust's gross income, and is allowed against the trust's net taxable income). Real Estate Expenses Deduction: Amounts on real estate property, including the cost of improvements, improvements to real property, and incidental costs of renting or leasing real estate. Other Personal Deduction: Amounts on property other than real estate property, including the cost of property placed in service.  Business and Occupation Tax Deduction: Any excess or deficiency in the income tax liability reported on Schedule C; and Allowable expenses for the purpose of establishing the Trust Fund Value (an expense that is not part of gross income or allowable against the trust's gross income, and is allowed against the trust's net taxable income).

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