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Submitted By: someone
Answered: January 4, 2019 12:51 am
Answered: January 4, 2019 12:51 am
I received fees for being an executor of my relative’s estate. Are these fees taxable?
Yes. Executor’s fees are taxable income. But if a taxpayer is not a professional executor, the fees are reported as miscellaneous income (not business income) and are not subject to self-employment tax.
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Tax Glossary
Passive activity loss rules
Rules that limit the deduction of losses from passive activities to income from other passive activities. Passive activities include investment rental operations or businesses in which you do not materially participate.
