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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 15588
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Does an estate

Customer Question

Does an estate need to file form 1099 for payments of prof fees and the personal rep fee?
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.

Megan C :

Thank you for your question. My name is XXXXX XXXXX I will be happy to help you todya

Megan C :

The answer to your question is yes -the estate needs to file form 1099 for professional fees and personal rep fees paid

Megan C :

The individuals receiving the 1099 will have to include the amounts in their taxable income, which is why the IRS would like this reported.

Megan C :

You can see more in the instructions to the 1099, HERE:

Megan C :

Do you have any further questions? Please respond if you need further assistance. If not, please rate positive so that I can receive credit for assisting you todya

Customer :

I did a little more reading of the form 1099 instructions and guide for trustees and personal reps of estates IRS Pub 5589, I see no reason for the estate to be filing a 1099 since it is not in a trade or business.

Expert:  Megan C replied 1 year ago.
I'm sorry, I am having technical difficulties and had to switch the mode of our conversation. I apologize for any inconvenience that this may cause.

Also, I apologize for any inconvenience as well - but you are correct, no 1099 is needed, unless the estate is engaging in a trade or business.

Please let me know if you need anything additional. If no further questions, please rate positive so that I may receive credit for assisting you today

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Megan C
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Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level