Legal Question in Wills and Trusts in Illinois
You are an executor of an estate and you receive $8000. You incur expenses totalling $2000. The IRS has told me that the expenses must be deducted as an itemized deduction and the income is reported in full. Is this correct. I dont itemize so I would be out the deduction.
Asked on 12/29/10, 1:02 pm
1 Answer from Attorneys
This is generally correct; however, you might want to review the expenses with the estate's attorney. Some of the expenses may be reimburseable costs to the estate and not considered fees.
Good luck to you.
Answered on 1/04/11, 4:26 am
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