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No , if someone dies and there estate is worth alot of money taxes may be taken out before the money is distributed to the family or heirs. If you have a spouse they will have to still pay the taxes.
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Distribute property left after a death?
Property left after someone dies is called the 'estate' and this is distributed (after the any outstanding bills, the cost of the funeral and any taxes due are settled) to the heirs as set out in the dead person's will by the executor(s) appointed in the will. If there is no will then the property is distributed as the laws of your country set out.
Who did the vassals have to pay taxes to?
The vassals had to pay taxes to their lords or to the king in the feudal system. These taxes were typically in the form of goods, labor, or a portion of their agricultural produce.
Deadlines to file 2007 taxes?
October 15, 2008. After that date, both the return and any taxes due are late. If you are due a refund, there is no penalty.
Do you pay taxes on a wrongful death award due to your dad dying from injuries sustained in a nursing home?
Wrongful death and/or injury awards are not considered taxable income by the IRS. It would be advisable that any person(s) involved in such a matter should obtain advice from an attorney or tax consultant in regarding the tax laws of the state in which the award is granted and/or they reside.
Do you have to pay taxes of a deceased person?
Their estate has to pay any taxes due up to the day they died.
What was true about the Clinton presidency?
Globalization increased due to laws such as NAFTA and GATT. he raised taxes on the rich He failed to pass a national health care plan
How much tax in dollars is due on taxable income of 5800?
It is always best to seek tax advice from a professional to avoid any penalties. There is not a concrete amount of taxes due from any amount of money. Taxes due relate to the income and other variables of the individual.
When are 2009 taxes due?
Federal Form 1040 is due April 15, 2010.Other types of taxes such as corporate taxes, estimated taxes, local taxes, property taxes, employments taxes, excise taxes all have their own due dates.
Are there taxes on life insurance?
The death benefit on a life insurance policy is not taxable for federal income tax purposes. However, the death benefit becomes included in the estate calculations of the deceased. So, depending on the estate tax laws in affect at the time of death, there may be estate taxes on the death benefit proceeds of the life insurance policy (but not income taxes). Here's an example. If you are the beneficiary of a death benefit of $500k from your parent and your parent has no other assets, then there would likely be no taxes on the proceeds. If you are the beneficiary of a death benefit of $500k from your parent and your parent has more assets than the Federal estate tax exclusions in effect at time of death, then perhaps the $500k will have estate taxes due as part of the estate. This is because the addition of the policy proceeds to whatever else comprosed the estate may take the estate value over the limit such that taxes will be payable on it. This was a simple example, and there are certainly many other possibilities and scenarios.
Are subcontractors liable for value added taxes?
Yes. A subcontractor has the responsibility to pay any taxes due on the amount he is paid for a job.
Can the government collect owed taxes on a pension which is inherited by a beneficiary?
Sure. The beneficiary will be responsible for any taxes due on pension payments.
Do you need to show a death certificate when filing taxes?
No. However, you may be asked to show a death certificate if you are trying to claim a tax refund due a deceased person.
