Legal Question in Wills and Trusts in New York
Paid to be executor - include in income?
I am to receive $5000 to be the executor of my mothers estate. First, do I declare that as income and pay taxes on it? And what about her house that she is leaving me?
Thanks
M
1 Answer from Attorneys
Re: Paid to be executor - include in income?
Yes as to the first question. Executor's commissions are income, subject to federal, state and local income tax.
Generally, if you are the sole heir, or are inheriting the largest share of your mother's estate, you might be better off waiving the commissions, because money you inherit is not subject to income tax.
That also answers your question about the house. Speak to the attorney who is handling the estate about the commissions.
Feel free to call me with any additional questions. 914-478-2981
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
