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Is Excess Deductions of an Estate Deductible as 2% MID?

Posted by attorney Robert Suhajda

If an estate's total deductions in its last tax year are more than its gross income for that year, the beneficiaries succeeding to the estate's property can deduct the excess. Do not include deductions for the estate's personal exemption and charitable contributions when figuring the estate's total deductions. The beneficiaries can claim the deduction only for the tax year in which, or with which, the estate terminates, whether the year of termination is a normal year or a short tax year. MID is miscellaneous itemized deduction.

Additional resources provided by the author

For more information, see Termination of Estate in Publication 559, Survivors, Executors, and Administrators

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