How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13145
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

My husband was the executor for his first wifes, mothers estate.

This answer was rated:

My husband was the executor for his first wifes, mothers estate. The farm was sold for less than the asking or appraisal price. He also received as 1/4 benificary a lump sum. He also received an additional amount as Fiduciary Fees. What form do we use to show these amounts?

Hello jbrainard,

Thank you for using Just Answer.

If he is not in the business of being a professional fiduciary, fees he received in this capacity is treated as "other income" to be reported on Line 21 of Form 1040. If being a fiduciary was part of his trade or business, or his duties are so extensive as to constitute a trade or business for a substantial period of time, you will have to report the fees he receive on Schedule C or C-EZ.

There will be no federal income tax on the inherited amount he received so it does not need to be on the federal return.

Both federal and Ohio have estate taxes which would have been paid by the estate if it was within the requirements for each.

I sincerely XXXXX XXXXX information is helpful and extend my condolences to your spouse on his loss,

Robin D. and other Tax Specialists are ready to help you

Related Tax Questions