taxdan Posted June 29, 2007 Report Share Posted June 29, 2007 Being new to the 706 prep area, does anyone know if an estate/trust has to issue a 1099-misc to an executor for any fees being charged to the estate? I would assume so, but just wanted to be sure. Most of the estate falls within the living trust that was set up prior to decedents death. The executor is one of the 3 adult children that are equal benis of the estate. Thank you for any advice! Dan Quote Link to comment Share on other sites More sharing options...
joanmcq Posted June 29, 2007 Report Share Posted June 29, 2007 I am assuming you mean fees paid to the executor for administering the estate. If so, I would, especially if the fees are over $600. Quote Link to comment Share on other sites More sharing options...
taxdan Posted June 29, 2007 Author Report Share Posted June 29, 2007 I am assuming you mean fees paid to the executor for administering the estate. If so, I would, especially if the fees are over $600. Yes, the fees would be for administering the estate. Thank you, I will definitely suggest that a 1099 be issued. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 29, 2007 Report Share Posted June 29, 2007 But be sure you use box 3, not box 7. Quote Link to comment Share on other sites More sharing options...
taxdan Posted June 29, 2007 Author Report Share Posted June 29, 2007 But be sure you use box 3, not box 7. Good point. Thank you! Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted June 30, 2007 Report Share Posted June 30, 2007 You're welcome. It's amazing how often that mistake is made, and then you have to go back and do a corrected one after the executor goes to his or her preparer, and the issue of SE tax comes up. Quote Link to comment Share on other sites More sharing options...
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