How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15917
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

A deceased persons estate includes a property. This property

Resolved Question:

A deceased persons estate includes a property. This property is rented out until the settlement of the estate generating income and profit. What tax allowances are available to the estate / executors against this rental income?
Submitted: 3 years ago.
Category: Tax
Expert:  TonyTax replied 3 years ago.
Hi.

An estate is not entitled to a personal allowance as an individual is. The trustees can, however, claim a deduction for certain expenses they incur as you will read here and here. There are some notes on completing the estate tax return here.

Property letting expenses such as agent commission, VAT, repair costs, maintenance expenses and other costs covered by the headings listed here and here will all be deductible from the rental income.

I hope this helps but let me know if you have any further questions.
TonyTax and other Tax Specialists are ready to help you

Related Tax Questions