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Get your taxes done using TurboTax
Thank you @Critter Critter for your patience.
I need to make sure you understand that I am asking about personal compensation I am receiving as an executor. It seems you are saying the compensation I receive is to be considered to be reimbursement. I do receive reimbursement for car usage, for example. But the compensation I receive is payment for my labor. Shouldn't income from that labor be declared on my 1040 as income?
I've always read that: "Under federal tax laws, executor's fees are taxable income. How you declare these fees as income and how they are taxed depends on whether you are in the business of being an executor." I am not in the business of being an executor. I am handling the estate for a friend.
From other answers here, I assumed that the actual expenses I incur are also to be handled as income.
I assume my compensation and my expenses would be treated as expenses on the 1041 estate form when it is filed.
Please correct my misunderstanding.
Thank you