The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: how to report Executor income||Date: 9/4/2013 10:11 AM|
|Author: TMFPMarti||Number: 119132 of 121572|
The fees he receives as Executor should be reported to him on Form 1099-MISC if greater than $600.
I have to disagree. Here's what the 1099-MISC instructions have to say:
Trade or business reporting only. Report on Form
1099-MISC only when payments are made in the course of your
trade or business. Personal payments are not reportable. You
are engaged in a trade or business if you operate for gain or
profit. However, nonprofit organizations are considered to be
engaged in a trade or business and are subject to these reporting requirements. Organizations also subject to these
reporting requirements include trusts of qualified pension or
profit-sharing plans of employers, certain organizations exempt
from tax under section 501(c) or (d), farmers’ cooperatives that
are exempt from tax under section 521, and widely held fixed
investment trusts. Payments by federal, state, or local
government agencies are also reportable.
I hope I'm right since I've never issued a 1099-MISC in the five estates I've administered.
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