What is an irrevocable living trust?

Need to know what it entails. If I put my house in an irrevocable living trust can I still claim mortgage and real estate taxes on my federal income tax?

Public Comments

1. trust is mainly for estate planning & asset protection. Sorry u can not claim on individual personal tax return.
2. A trust which cannot be changed or canceled once it is set up without the consent of the beneficiary. contributions cannot be taken out of the trust by the grantor. Irrevocable trusts offer tax advantages that revocable trusts don't, for example by enabling a person to give money and assets away even before he/she dies. opposite of revocable trust.