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- 1041 allocation of deductions between tax exempt and taxable income
1041 allocation of deductions between tax exempt and taxable income
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EJR
Level 1
04-13-2021
10:26 AM
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Are legal fees incurred in the administration of an estate allocable between taxable and tax exempt income.
I am allocating accounting and tax return expenses and fiduciary fees.
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1 Comment 1
BobKamman
Level 15
04-13-2021
10:30 AM
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If you are allocating the fiduciary fees, is there any reason not to do that with the legal fees? The lawyer's client is the fiduciary. Maybe if some of the fees are attributable to a particular taxable investment . . .
