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IRS Proposes Regulations on Estate Tax Deductions

June 24, 2022, 10:20 PM

The Internal Revenue Service unveiled a proposed regulation amending certain parts of tax code Section 2053 Friday.

The proposal (RIN 1545-BI11) offers guidance on the amount deductible for estate funeral expenses, administration expenses, and other claims against the estate.

  • The proposed regulation also provides guidance on deductibility of certain interest expenses, clarifies requirements for substantiating the value of a claim against an estate that is deductible in some cases, and deductiblity of amounts paid under a decedent’s personal guarantee.
  • The public hearing will be held by teleconference on Oct. 12.