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Jax Tax
Jax Tax, Tax Attorney
Category: Tax
Satisfied Customers: 1408
Experience:  JD, LL.M in Business and Taxation, IRS Enrolled Agent. Expert in Business and Tax Transactions
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I am the executor for my fathers estate, and he passed on

Resolved Question:

I am the executor for my father's estate, and he passed on June 26. Per the will, the inheritance falls to my mother, then after her to myself and my siblings. I have a contracted executor's fee, but I have not taken it, for fear of taxation. Is the fee taxable income? Thanks.
Submitted: 5 years ago.
Category: Tax
Expert:  Jax Tax replied 5 years ago.

Jax Tax : The fee is taxable income listed on line 21. If, you are in the business of providing such service it is then subject to self employment tax as well and listed on sch C. That does not appear to be the case. It is deductible by the estate when paid.

Can I treat it as an early inheritance?

Jax Tax : No, you cannot.

Thank you.

Jax Tax : It will be taxable income if received.
Jax Tax : You welcome.
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