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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
Keogh plan
Retirement plan set up by a self-employed person, providing tax-deductible contributions, tax-free income accumulations until withdrawal, and favorable averaging for qualifying lump-sum distributions.
