Which of the following statements is true about the expenses of filing an estate's fiduciary income tax return?

The statement that expenses of filing an estate's fiduciary income tax return are deductible on their own form is accurate. In the context of estate planning, the fiduciary income tax return (Form 1041) allows the estate to deduct certain expenses before distributing income to beneficiaries. These deductible expenses can include costs associated with administering the estate, including professional fees, legal costs, and other related expenses necessary for maintaining the estate.

These deductions help reduce the taxable income of the estate, thereby potentially lowering the tax liability. The cost of preparing the estate's fiduciary income tax return falls under these deductible expenses. It is important to correctly report these on Form 1041, as they are not included on the individual tax returns of the fiduciaries or beneficiaries unless those expenses are specifically related to the management of their personal income.

This understanding aligns with the principles of how trusts and estates are treated under federal tax laws, indicating that such deductions play a crucial role in managing the overall tax situation of the estate.