Tags
Accounting Fees, Administration Expenses, Aministration Expenses of the Estate, Attorney Fees, Capital Losses, Charitable Deductions, Common Estates, estate account, Estate Taxes, Estates, Executor Fees, Executors, Federal Estate Income Tax Return, Fiduciary Income Tax Return, Gross Estate, Gross Income, Income Distribution Deduction, State Income Tax Return, Tax Preperation Fees, Will
Executors needing to file a federal estate income tax return must track the administration expenses of the estate. In general, the IRS allows for the deduction of administration expenses from the gross income of the estate. Therefore, in addition to tracking income of the estate, the executor must also track the administration expenses of the estate.