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Deductions & credits
M-MTax: Thanks for the followup.
I guess my original post could have been better (Climbing the learning curve on Estates).
1) [quote]
the estate can deduct the amount it paid to the executor/heir as reimbursement for the expenses.
[/quote]
Where does one deduct them on the 1041 (I ruled them out as I did not consider them administrative expenses)?
2) Went back and forth it being a NOL. But can see that it is really a loss to the Executor (heir), and would be reflected on his/her 1040.
May 30, 2024
1:11 PM