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Yes, the executor must file taxes. That is one of their responsibilities to the estate.
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∙ 10y ago
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Why do we have to an inheritance tax when the previous owners paid taxes on them when they purchased them?
Inheritance taxes and property taxes are entirely separate issues. Regardless of whether or not we agree with taxes you still have to abide by them. I personally don't agree with the scope of inheritance taxes, however the government considers an inheritance taxable income.
Will you have to pay taxes on your inheritance of 900000 in Texas?
As far as Federal income taxes are concerned, inheritance is not taxed on your 1040 return. The Estate itself may be required to file an Estate Tax Return and possibly pay Estate Taxes depending on the total value of the estate in total and the line of inheritance. As far as State taxes in Texas, I am not familiar with that but I doubt very seriously if any income tax is due on a State basis either.
Do you pay taxes on a trust inheritance?
Depending on where someone lives depends on the need to pay taxes on any inheritance they get from a living trust. The beneficiary of an estate from inheritance will need to pay taxes to take possession of assets.
Do you have to pay income taxes on inheritance?
no
Inheritance taxes and excise taxes on luxury goods are example of what type of taxes?
Progressive
Does Croatia have taxes?
Yes, of course. But there are no taxes on inheritance and real-estate.
Do you have to file taxes if you are a student?
If you are 21 you have to file taxes
Have no money how do I file my taxes?
have no money how can i file my taxes
Does the estate pay taxes?
Estates pay taxes on income and may have to pay inheritance taxes.
When a person dies and you are a beneficiary of their estate what amount can you receive before you have to pay taxes?
THE AMOUNT "EXEMPT FROM INHERITANCE TAXES" VARIES FROM STATE TO STATE. CHECK OUT FINDLAW.COM AND LOOK FOR PROBATE CODES FOR YOUR PARTICULAR STATE. REMEMBER, THOUGH, ALTHOUGH THE PROPERTY OR MONIES INHERITED ARE STILL SUBJECT TO "INCOME" TAXES....THIS IS IMPORTANT. IF YOU FAIL TO FILE INCOME TAXES ON THE INHERITANCE, THE PENALTIES ARE EXCRUCIATINGLY PAINFUL, BOTH AT THE STATE AND FEDERAL LEVELS.
Can you file your taxes at the DMV?
No, you cannot file your taxes at the DMV.
Can you file taxes if on walefare?
Yes you can file taxes if you are on welfare.
