The expenses incurred by an executor or administrator in carrying out the terms of a will. These include probate court fees, attorney’s fees and accountant’s costs among others as well as appraiser’s services which may be necessary for valuing assets of different types such as real estate to determine heirs’ inheritances accordingly when there is no clear family relation between them anymore.
The expense of administraton can be deducted from the taxable income even if the expense is not incurred at the time of filing the return. The timeline for the expense of administration is known as the executor’s year, which refers to the period following the decedent’s death during which the executor or administrator is expected to finish the estate administration.
