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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.
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- Re: Estates reporting of Personal Representative fee
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???
