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Form 8862 MS: What You Should Know

Taxation Reducibility Of Expenses Reducibility of Expenses of Executors or Executors' Commissions. A. The executor of an intestate estate shall deduct the whole expenses of executing the estate, including those for the purchase and sale of any articles of personal property of the decedent or the income of any dependent child(men) of the decedent which the executor might have been entitled to receive under section 2052, 2056, 2061, 2062 or 2064, or any portion of such expenses not to exceed 10,000 at any time and during the calendar year. If there is no spouse, child(men) or dependent child(men) within the meaning of Section 2032, the executor shall deduct only the first 12,500 of the expenses. The entire balance of the expenses for any taxable year, plus all applicable taxes, fees, and assessments, shall be paid to the decedent's surviving spouse, child(men), or dependent child(men) within 60 days of the date of the decedent's death. As used in this subsection, the term “died within the period” means from the time the statement of the decedent's identity as described in Section 2205(a)(1)(E) is received until the date that is 120 days after the due date for payment of the tax, fees, or assessments. B. The executor of an intestate estate shall deduct the entire expenses of executing the estate, including those for the purchase and sale of any such articles of personal property of the decedent or income of any dependent child(men) of the decedent described in Paragraph 1C, plus an additional amount equal to the difference between the cost to the estate of each of such articles of personal property and the value of any income derived to the estate from such property.

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