TaxProf Blog: Deductibility of Michael Jackson's Funeral Expenses.
Lost among the hoopla and ceremony of Michael jackson's funeral was the important stuff: what expenses were deductible under IRS 2053(a)(1)?
The burial site (be it at the Neverland ranch or in space or in a hyperbaric chamber): deductible
Lost among the hoopla and ceremony of Michael jackson's funeral was the important stuff: what expenses were deductible under IRS 2053(a)(1)?
TMZ and People didn't cover this one, but the TaxProf did!
The actual funeral expenses, no matter how extravagant: deductible.The burial site (be it at the Neverland ranch or in space or in a hyperbaric chamber): deductible
The memorial which masqueraded as a concert? Likely not deductible, but the TaxProf seems to think the estate might win the argument.
Props also to TaxGirl and the South Florida Estate Planning Law Blog who were the sources of the article.
