topic Business code for trustee in Business & farm

Business code for trustee

rjmmwm9361 — Sun, 21 Mar 2021 03:23:56 GMT

Trustee for trusts

Re: Business code for trustee

Anonymous_ — Sun, 21 Mar 2021 14:23:49 GMT

Are you a professional fiduciary?

If you are not a professional fiduciary, then you do not need a business code; the fee you receive should not be reported on Schedule C (it is miscellaneous income).

If you are a professional fiduciary, you can always use "999999" for unclassified or choose a code for one of the professional services.

See https://www.irs.gov/instructions/i1040sc#idm140094050353104

Re: Business code for trustee

ToddL99 — Sun, 21 Mar 2021 14:20:34 GMT

Unless you are an attorney specializing in trustee services, there is no specific business code for a "Trustee".

For an individual performing trustee duties for a friend or relative, I suggest "812990 - All other personal services".