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What's taxable when you're executor
I'm the executor of my brother's considerable estate, and I'm entitled to a commission for handling the job. If I accept payment, will that money be subject to income tax? What about the money he left me as an inheritance?
I'm the executor of my brother's considerable estate, and I'm entitled to a commission for handling the job. If I accept payment, will that money be subject to income tax? What about the money he left me as an inheritance?
If you're paid for your services as an executor, that money is taxable as income. But anything you receive as a bequest is tax-free.
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