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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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are warehouse storage fees tax deductible

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Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.
What are the warehouse storage fees paid for?
Customer: replied 9 years ago.
My father had artwork in the storage facility and when he died, I got to take over the bill but haven't yet been given access to what's in there (long story).

I'm assuming artwork but it could really be anything.
Expert:  RD replied 9 years ago.

This would be deductible on the trust(Estate) income tax return and not on your personal income tax return.

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Customer: replied 9 years ago.
Even though I'm paying the bill, it's not tax-deductible for me? What would have to be in there for me to get the deduction?
Expert:  RD replied 9 years ago.

This is being paid to protect the estate. It is administration expenses related to estate and hence deductible on the trust(estate) income tax return.

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Customer: replied 9 years ago.
That means the estate can pay me back and then deduct the expense?
Expert:  RD replied 9 years ago.

Yes, you are correct.

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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