Executors Fees Deductible on Form 1041

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  • TAXNJ
    replied
    Originally posted by Burke
    Thank you for the IRS link. I can open it and print it, but don't seem to be able to save it. Is there a trick to that?
    At the bottom right of the page after opening the “link, there are two boxes, one is “SHARE” and the second box is “PRINT”.

    Either save as a “.pdf” or select “prnt to microsoft pdf” if using Microsoft Windows
    Last edited by TAXNJ; 04-04-2022, 05:51 PM.

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  • Burke
    replied
    Thank you for the IRS link. I can open it and print it, but don't seem to be able to save it. Is there a trick to that?

    Leave a comment:


  • TAXNJ
    replied
    See link for information:

    https://www.irs.gov/faqs/other/misc-...transactions-2

    also,

    Are executor fees deductible?
    Executors are responsible for filing an income tax return for the estate to report any income from probate assets. Attorney fees and executor fees are deductible on the estate income tax return. Any net income or excess deduction is distributed proportionally to the beneficiaries on a Schedule K-1 tax form.
    What Executors Should Know — Legal and Tax Issues of Executors Fees Deductible on Form

    source: https://www.niehauslaw.com/articles-...ues-of-estates

    also see 7 & 8 paragraphs:



    Form 1041 allows a variety of expenses and deductions that can be charged against taxable income. Let’s take a look at Form 1041, its requirements, and acceptable expenses.

    Last edited by TAXNJ; 04-04-2022, 01:21 PM.

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  • Burke
    started a topic Executors Fees Deductible on Form 1041

    Executors Fees Deductible on Form 1041

    What was the latest decision from IRS regarding deductibility of executors' fees on 1041? I have a Form 1041 prepared by someone else where they were not deducted on Line 12.
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