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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Estates reporting of Personal Representative fee
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smfesq
Level 2
01-16-2020
12:19 PM
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Is an Estate required to file Form 1099MISC to report the Personal Representatives fee, which is subject to income tax on the PR's 1040?
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Accountant-Man
Level 13
01-16-2020
12:37 PM
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It depends if the Estate is operating a trade or business. The answer is usually NO. If it operating a trade or business, I would say YES.
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bensnead
Level 2
02-08-2020
06:06 PM
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a bit late now, but of course you need to send a 1099-Misc. As you said, it is taxable income to the Personal Representative, so without sending a 1099-Misc, the IRS has no way to know about that income that the PR received. This is an expense on the 1041 form of the estate.
I was searching this subject trying to see if anyone has deal with the PR then taking expenses against that income, in a situation where the PR is not a "professional PR". Thus, the income to the PR is taxable, but not subject to self-employment taxes. It is just federal taxable income (Misc Income, line 8 of Schedule 1). But the PR can still have expenses, right? In fulfilling your duties as PR, you might travel. Do I just net these expenses against the Misc Income, line 8 of Schedule 1 amount???
