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Get your taxes done using TurboTax
Thank you for the advice!
The expenses I have incurred are buying pre-printed checks, envelopes, post office certifications for mailings, stamps, and mileage @ $.58/mile. I do save all receipts and log all mileage. I agree that the reimbursement from the trust just makes me whole. And I didn't think that should be income. But I'm not sure whether or where it should be entered on my 1040. I understand it would be entered on the 1041.
I agree the compensation I receive for labor is income and I know where to enter it in TT and on the 1040.
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The trust that governs me, states "reasonable compensation and expenses". Nothing is specified regarding the keeping of records, whether for compensation or expenses.
So, assuming that all makes sense, my questions would be whether $.58/mile is reasonable, whether and where would I enter expenses on my return, and what is "reasonable compensation" in Kansas for an estate that is valued close to a million $. The only people I have paid include Estate Sales company and real estate agent. I have written and recorded all quit claim deeds and bill of sales for vehicles. I handle all of the accounts, write and distribute checks. And I have done some minor house repairs. I will use TT to complete the decedent's 1040 and the estate's 1041.
Thank you for your help!