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I was the executor for the estate of a relative this year. I completed the probate and closed the estate. Is the executor fee taxable for federal and state tax purposes and what form should it be reported on?
ANSWER
Expert Wray Rives's Answer:
Yes the fee paid to an executor is taxable to both state and federal taxes. You should report the income on Line 21 of your form 1040; however, if you regularly are in the business of providing executor services, you would report the income on Schedule C.
