Login|Contact Us
Question and Answer

Finance

Ask a Finance Question, Get an Answer ASAP!

  • Ask A Question
  • Browse Answers
  • Meet The Experts
  • How JustAnswer Works

Hello Could labor costs to maintain home in an Estate be used

 
USTaxAdvising's Avatar
  • Answered by:USTaxAdvising
  • Accountant
  • Positive Feedback: 100.0 %
  • Accepted Answers: 78
Verified Expert
in Finance

Recent Feedback

Positive
Type your review here...
Positive
Type your review here...
Positive
thank you
Positive
Appreciate the help, couldn't have completed the tax return without the...
Positive
A bit of confusion, however, very prompt attention to a final answer. ...
Positive
Very helpful.
Positive
Gave me a good answer, however not the answer I was hoping for. I thank you...
Positive
That would be quite a gift! I'm so glad to know. Thank you.
Positive
Your answer was right on target!

Customer Question

Hello
Could labor costs to maintain home in an Estate be used on Estate tax return as a deduction?

Thank you

 

Optional Information:
Country/State/Province of question: NY

Submitted: 311 days and 9 hours ago.
Category: Finance
Value: $16
Status: CLOSED

Accepted Answer

Expert:  USTaxAdvising replied 311 days and 9 hours ago.


USTaxAdvising :

Hello,

Expert TypeAccountant
Category: Finance
Pos. Feedback: 100.0 %
Accepts: 78
Answered: 6/15/2012

Experience: Professional with finance related questions.

Ask this Expert a Question >
Expert:  USTaxAdvising replied 311 days and 9 hours ago.

Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.

Accepted Answer

Expert:  USTaxAdvising replied 311 days and 9 hours ago.

Yes, labor costs to maintain a home in an estate should be deductible per Treasury Regulation 20.2053-3(d): http://law.justia.com/cfr/title26/26-14.0.1.2.22.0.7.63.html

 

Miscellaneous administration expenses. (1) Miscellaneous administration expenses include such expenses as court costs, surrogates' fees, accountants' fees, appraisers' fees, clerk hire, etc. Expenses necessarily incurred in preserving and distributing the estate are deductible, including the cost of storing or maintaining property of the estate, if it is impossible to effect immediate distribution to the beneficiaries. Expenses for preserving and caring for the property may not include outlays for additions or improvements; nor will such expenses be allowed for a longer period than the executor is reasonably required to retain the property.

 

Note that these labor costs will only be deductible so long as they are for preserving or maintaining the property.

 

I trust this provides the clarity you were looking for, please let me know if you have any further questions.

 

Best regards,

Expert TypeAccountant
Category: Finance
Pos. Feedback: 100.0 %
Accepts: 78
Answered: 6/15/2012

Experience: Professional with finance related questions.

Ask this Expert a Question >
 
Tweet

3 Financial Professionals are Online Right Now

Ask Your Question Now
Finance Questions Date Submitted
10.3 General Consulting plc has four divisions, whose summary 4/18/2013
I need to find a loan for preferably $5,000-$10,000. Any recomendations 4/16/2013
DEAR BILL (FINANCE),I PURCHASED A SINGLE FAMILY HOME IN DE 4/16/2013
NA-112 4/16/2013
I sold my car about 9 months ago - there is finance outstanding 4/16/2013
I am not one to listen to rumors on the Iraqi dinar, but is 4/13/2013
How can I find out if and/or when Washington Mutual Bank stock 4/11/2013
1. The overall goal of the financial manager is to _________________. 4/7/2013
I have a problem with end of year PAYE National insurance contributions 4/6/2013
I have a student loan that I thought I was making extra principal 4/5/2013
RSS
Next 10 >
Ask A Financial Professional
Type Your Finance Question Here...
characters left:

Top Finance Experts

See More Financial Professionals

In The News

Nbc
Washington Post
New York Times
Cnn
Learn More

How It Works

  • Ask an Expert
  • Get a Professional Answer
  • Ask Followup Questions
  • 100% Satisfaction Guarantee
Learn More
close
Find Expert answers related to your question.
Sign up using email
We will never post anything without your permission.
Already have an account? Sign in

Ask a Financial Professional

Get a Professional Answer. 100% Satisfaction Guaranteed.
125 Financial Professionals are Online Now
Type Your Finance Question Here...
characters left:
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Truste
Contact Us | Terms of Service | Privacy & Security | About Us | Our Network
© 2003-2013 JustAnswer LLC
  • Pearl.com
  • JustAnswer UK
  • JustAnswer Germany
  • JustAnswer Spanish
  • JustAnswer Japan