Learn About Funeral Expense Deduction
By: Patti Spencer - March 09, 2018
Federal and state estate taxes are excises taxes on the value of the property transferred by a decedent. State inheritance taxes are an excise tax on the value of property received by beneficiaries. In both cases, funeral expenses are permitted as deductions in determining the value of the property that is subject to tax.
- The wishes of a surviving spouse if a normal marriage relationship existed at death
- The wishes of the decedent, especially if strongly and recently expressed,
- The wishes of the next of kin according to their relationship or association with the decedent.
** Disclaimer Required by IRS Circular 230** Unless otherwise expressly approved in advance by the undersigned, any discussion of federal tax matters herein is not intended and cannot be used 1) to avoid penalties under the Federal tax laws, or 2) to promote, market or recommend to another party any transaction or tax-related matter addressed.