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Do I need to reflect an executrix's fee as an income?

Posted 3 April 2014 under Tax Q&A


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I HAVE RECEIVED AN EXECUTORS FEE WHAT DO I NEED TO REFLECT THIS IN MY TAX RETURN. Do I have to reflect it as an income. Am I allowed to take my costs off this fee i.e. photocopying charges, ink jet cartridges, phone calls.etc.

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TaxTim TaxTim says:
4 April 2014 at 10:54

Yes, this is income for you as it was for a service provided. You can deduct costs related to the work you performed. You can include all of these income and expense amounts under, "local business income."


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