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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12702
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Can house maintenance and property taxes be deducted on form

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Hello. Can house maintenance and property taxes be deducted on form 1041 for a house owned by decedent prior to the Executors selling it?
JA: The Expert will know how to help. Please tell me more, so we can help you best.
Customer: The decedent died in 2015. The house was sold in 2016. Property taxes, utilities, home improvement expenses were paid out of the estate account prior to the sale. Can these all be deducted?
JA: Is there anything else the Expert should be aware of?
Customer: I don't think so.

Yes, generally the following expenses can be deducted (what you mention will fall under bullet point no. 3), on EITHER the 1041 or the 706 but not both.

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  • Fees paid to the fiduciary for administering the estate;
  • Attorney, accountant, and return preparer fees;
  • Expenses incurred for the management, conservation, or maintenance of property;
  • Expenses in connection with the determination, collection, or refund of the estate's tax liability.

YOu mentioned home "improvements."Be sure to distinguish between repair and maintenance and improvements (which must be added to basis).

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Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986

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