An executor’s commission in Bucks County is payment from the Bucks County estate for the services performed by the executor. In Bucks County, Pennsylvania there is no set value of an executor’s commission. Many Pennsylvania counties use established PA court cases to determine a reasonable amount for an executor’s commission.
Executors’ commissions paid from a Bucks County estate can be taken as deductions on the Pennsylvania Inheritance Tax Return and the Federal Estate Tax Return. The determination as to whether an executor should take an executor’s commission on a Bucks County PA estate depends on many factors.
One major factor is that an executor’s commission is considered ordinary income to the executor. Therefore, any amount received by the Bucks County executor is added to their employment or other income and taxed to the executor at the executor’s regular income tax rate.
There are other important decisions regarding a Bucks County executor’s commission. If you are an executor of a Bucks County estate it is recommended that you retain an experienced Bucks County estate attorney such as the lawyers at Saile & Saile LLP so that you can make competent estate administration decisions.