2007-03-06 09:32:13 · 4 answers · asked by Nancy R 1 in Business & Finance ➔ Taxes ➔ United States
No they aren't if paid by someone other than the estate. But if the estate pays them, they'd reduce the value of the estate so if there were any estate taxes due, then the taxes would be reduced.
2007-03-06 09:39:20 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
Funeral expenses reduce the value of the estate and will reduce any estate tax bill if the value of the estate exceeds the exclusion amount, currently $2 million.
They cannot be deducted on an individual income tax return, even the decedent's final return.
2007-03-06 09:36:20 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 0⤋
Always have been and always will be considered as personal expenses (on personal tax returns) and will be disallowed if they are found during an audit. It is very difficult to ever say there is a 'business purpose' to a funeral and it is simply considered as being a personal (hence, non-deductible) expense for tax purposes.
2007-03-06 10:12:58 · answer #3 · answered by td 1 · 0⤊ 0⤋
funeral expenses are Duductible on decendent's federal estate tax return. See tax guide publication 17 or the 1040 Quickfinder Handbook paid 5-2
2007-03-06 09:42:42 · answer #4 · answered by contrary mary 2 · 0⤊ 0⤋