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Christopher Phelps
Christopher Phelps, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2710
Experience:  CPA, CFP, PFS, Tax Practitioner 21 Years, Member AICPA/CSCPA Tax/Financial Planning Committee Member
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are executor fees & attorney fees deductible on ...

Customer Question

are executor fees & attorney fees deductible on Form 1041
Submitted: 11 years ago.
Category: Tax
Expert:  Christopher Phelps replied 11 years ago.

Administration expenses are the most common deductions for an estate or trust. These include a deduction for personal representatives' fees or trustees' fees, whichever is applicable, attorneys' fees, accountants' fees, custodial fees, investment advisors' fees, and similar expenses. It is important to understand that these fees are deductible under IRC Sec. 212. These expenses are not subject to the 2% of adjusted gross income limitation.

Because it is impossible for me to identify and consider ALL the relevant facts, this advice is not intended or written to be used for the purpose of avoiding penalties, and cannot be used for that purpose.