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What else can I help you with?
Does your deaseased moms IRS refund go to her estate?
Yes, the IRS refund will go to the estate. No one else would be authorized to sign the check.
What does an executor of an estate charge for fees?
That will depend entirely on the laws in your specific jurisdiction. Many states have passed a cap, often a percentage of the total value of the estate. And the court has to approve any payment. It is taxable income as well, so has to be reported by both the estate and the executor to the IRS.
How can I obtain an IRS form to get an EIN for an estate?
To obtain an IRS form for an Estate Employer Identification Number (EIN), you can visit the IRS website and download Form SS-4. This form is used to apply for an EIN for an estate. You can also call the IRS at 1-800-829-4933 to request a copy of the form to be mailed to you.
Will you need to pay estate taxes?
That will depend on the value of the estate. The executor will have to file a tax return with the IRS for the estate.
What happens when someone dies owing the IRS?
When someone dies owing the IRS, their outstanding tax debt becomes part of their estate. The executor or personal representative of the estate is responsible for resolving the debt, which may involve using assets from the estate to pay off the taxes owed. If the debt exceeds the value of the estate, the IRS may be willing to negotiate a settlement or payment plan with the estate's representative.
Can IRS take car mom left you to collect her debt?
Yes, the IRS can do that. The car is part of the estate. The assets of the estate have to be used to clear all debts before anything can be distributed.
Is a daughter who was power of attorney prior to her father's death responsible to the IRS for his debt when there is no estate?
No. The father's estate is responsible for his debts. If there is no estate the creditor is out of luck.
Why do I need an EIN number for an estate?
You need an EIN number for an estate to identify the estate as a separate entity for tax purposes and to facilitate the reporting of income and assets of the estate to the IRS.
Does an executor have to file Form 56 when handling the estate of a deceased individual?
Yes, an executor may need to file Form 56 with the IRS when handling the estate of a deceased individual. Form 56 notifies the IRS of the appointment of a fiduciary to act on behalf of the estate.
When a person dies owing the IRS and is not married are the children responsible?
The estate is responsible for the IRS bill. If there is not enough to cover it, the government may not get it.
Your mother passed away.Do I have to apply for a TIN number for her estate?
Yes. A decedent's estate is considered to be a taxable entity separate and apart from the decedent therefore it needs its own TIN (Taxpayer Identification Number). The decedent's social security number cannot be used for the estate bank accounts nor can it be used to pay taxes on income earned by the decedent's assets after the date of death. The exucutor completes and files IRS form SS-4 to apply for the TIN. The IRS then issues the TIN to the estate.
Is the IRS concerned about probate?
Yes, the IRS is very concerned with probate. The estate will need to file tax returns and pay the appropriate taxes.
