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.