No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
That will depend entirely on the laws in your specific jurisdiction. Many states have passed a cap, often a percentage of the total value of the estate. And the court has to approve any payment. It is taxable income as well, so has to be reported by both the estate and the executor to the IRS.
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
can the executor be liable for estate tax
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
The fee paid to the executor is considered taxable income.
There is a distinction between money the executor receives as compensation for administering the estate and money the executor receives as an inheritance. The fees are taxable income, the inheritance is not.
That will depend entirely on the laws in your specific jurisdiction. Many states have passed a cap, often a percentage of the total value of the estate. And the court has to approve any payment. It is taxable income as well, so has to be reported by both the estate and the executor to the IRS.
There is no executor of probate. The executor of the estate executes the will and probates the estate.
What is the executor of the estate for the titanic?
Many states specify the rate of reimbursement. Reasonable costs for mileage and time are normally charged. The court approves the charges as part of the estate's accounting.
Executor fees are considered income. As such they are subject to income tax at a federal and state level. Depending on the situation, it may be beneficial to waive the fees if the executor is inheriting a part of the estate. Consult a tax attorney or CPA.
what if the estate executor fee in arkansas
No, the executor works for the estate. The estate will pay the executor a reasonable fee. The beneficiary has limited direction that they can give the executor.
They become part of his estate. The executor of his estate would file the claim against the first estate.
No, the beneficiaries receive the estate. An executor could be a beneficiary
can the executor be liable for estate tax