Tax Guru – Ker$tetter Letter

Q:

Subject: Can you help with a question

Hello Kerry:

 

I read your very informative section on rates on the web.  I personally am the executor to my dads estate that has a monetary distribution every year ($500/month) to my brother for the next 8 years. 

 

Today I am filing a 1041 – can you please tell me what is the maximum deduction I can take against the estate (and on what line of the return does it go)?  I have included the tax preparers fee from last year.   Thank you.

A:

If you’ve read many of my blog posts, you should know that I consider it too dangerous for amateurs to prepare their own tax returns, especially in areas where there are a variety of possible twists, such as with trust fiduciary returns.  It is far too easy to screw things up and get yourself into serious trouble with the IRS and State tax agencies.

You need to have an experienced professional tax preparer handle this.

Good luck.

Kerry Kerstetter