What is the name of your state? Indiana
My mother passed away in 1999, leaving an estate that continued to produce income (rents, dividends, interest, etc). The estate was closed, and all assets distributed in early 2001.
Attorney fees & executor fees totalled $16,000. These were paid in 2001, when the estate had very little income.
Essentially - the estate had a $16,000 deduction, but nothing to deduct it from for that year.
Is there anything I can do now to take advantage of that expense? Something like income averaging for the 3 tax years the estate was open?
If so - How much time do I have and would it even be worth the trouble?
Thanks for your time!
My mother passed away in 1999, leaving an estate that continued to produce income (rents, dividends, interest, etc). The estate was closed, and all assets distributed in early 2001.
Attorney fees & executor fees totalled $16,000. These were paid in 2001, when the estate had very little income.
Essentially - the estate had a $16,000 deduction, but nothing to deduct it from for that year.
Is there anything I can do now to take advantage of that expense? Something like income averaging for the 3 tax years the estate was open?
If so - How much time do I have and would it even be worth the trouble?
Thanks for your time!