2007-08-01 05:59:38 · 7 answers · asked by PJ 1 in Business & Finance ➔ Taxes ➔ United States
1040 income tax return, no, 706 estate tax return, yes.
2007-08-01 06:14:37 · answer #1 · answered by Anonymous · 2⤊ 0⤋
No, sorry, that is not deductible on an individual income tax return.
Funeral expenses are deducted from the gross estate along with all other debts of the decedent to arrive at the net worth of the estate. If the net estate is then worth less than the Estate Tax exclusion amount, currently $2,000,000, then no Estate Taxes are due. Those amounts are for the Federal Estate Tax. Many states have State Estate or Inheritance Taxes so there may still be state estate taxes due.
2007-08-01 06:11:00 · answer #2 · answered by Bostonian In MO 7 · 2⤊ 1⤋
sorry about your loss and sorry to tell you the funeral expenses are not deducted on your personal tax return nor on the final personal return of the person who died.
Instead funeral expenses get deducted from any estate income when calculating estate taxes (if any)
2007-08-01 06:06:58 · answer #3 · answered by goldenboyblue 3 · 2⤊ 0⤋
No, but the estate can deduct them on the estate return - but unless the estate is huge, no taxes will be due anyway so it won't matter.
2007-08-01 06:24:37 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
If you pay funeral expenses for another person, or prepay for yourself, it is a personal expense and is not deductible on your income tax return.
2007-08-01 14:01:08 · answer #5 · answered by ninasgramma 7 · 0⤊ 0⤋
perhaps you should check out something called excess deductions on termination
2007-08-01 06:08:30 · answer #6 · answered by smh60437 3 · 0⤊ 3⤋
yes
2007-08-01 06:08:26 · answer #7 · answered by Anonymous · 0⤊ 8⤋