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takile
New Member

I am an executrix of an estate and want to know when to take the executor fee.

All assests have been sold and I was wanting to take it this year to lower my tax liability
1 Best answer

Accepted Solutions
fanfare
Level 15

I am an executrix of an estate and want to know when to take the executor fee.

perhaps she means her income is low this year.
You may take your fee when all taxes have been paid. Executor fee has top priority on the funds of the estate after taxes and funeral expense. My attorney advised to pay all bills first, though. I wasn't going to argue with him.

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6 Replies
SweetieJean
Level 15

I am an executrix of an estate and want to know when to take the executor fee.

Which state?
takile
New Member

I am an executrix of an estate and want to know when to take the executor fee.

Texas
fanfare
Level 15

I am an executrix of an estate and want to know when to take the executor fee.

perhaps she means her income is low this year.
You may take your fee when all taxes have been paid. Executor fee has top priority on the funds of the estate after taxes and funeral expense. My attorney advised to pay all bills first, though. I wasn't going to argue with him.
fanfare
Level 15

I am an executrix of an estate and want to know when to take the executor fee.

taxes paid, or sufficient funds will remain in the estate accounts to pay those taxes.
Then lastly, remaining assets are distributed to heirs.
SweetieJean
Level 15

I am an executrix of an estate and want to know when to take the executor fee.

The fee is taxable income, so why do you think it will lower your taxable income?

Most people report it on line 21 of their personal tax return, IRS Form 1040. 

takile
New Member

I am an executrix of an estate and want to know when to take the executor fee.

My tax liability will be lower this year due to our business.
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