2006-09-24 01:55:05 · 5 answers · asked by FEM 1 in Business & Finance ➔ Personal Finance
Don't know the answer to your question. I was executor of my parents estate but I never took a commission because I felt I was doing it for my parents and I didn't want to take anything form my brothers or sister. I did it for my family not my greed!
2006-09-24 01:59:08 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I have been the executor of a number of estates which included the management of the assets of the estate until it was closed - I received payment for doing so along with a 1099 issued for those proceeds AND yes - it was taxable.
2006-09-24 02:35:39 · answer #2 · answered by sundance 2 · 0⤊ 0⤋
If you take a commission as executor, it is taxable as ordinary income.
2006-09-24 02:36:25 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Is it income? wage, salary, tip, it's all taxable, sorry...
I'm not a CPA, but I've had enough accounting courses to make a shot in the dark here, yes. Heck, they're taxing the heck out of what you are executing, why not tax what you get paid to disperse it? I'm sure that's how they see it, at least...
2006-09-24 02:01:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Everything is taxable.
2006-09-24 01:57:39 · answer #5 · answered by Anonymous · 0⤊ 1⤋