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Estate transmission expenses Expand / Collapse
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Posted 12/21/2005 11:09:47 AM
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Question:
50% of an estate goes to charity (decedent was a single person, no marital deduction) It is a non taxable estate due to the charitable deduction. There is about $50,000 in selling expenses from the sale of the home. Are this considered transmission expenses? If so, am I required to deduct them on Sch J of the 706 and not claim them on the 1041 to create a capital loss on the sale of the home for income tax purposes.
thank you
Post #30
Posted 12/21/2005 11:10:18 AM
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I had a similar question on an estate that I prepared. It was very difficult to find anything on the subject. Transmission expenses only seem to be an issue if there is a marital or charitable deduction. I think they will reduce your 706 charitable deduction.

Mary Kay Foss

Post #31
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