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The estate does have to file a tax return with the IRS. It is responsible for income tax and estate taxes
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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.
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.
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.
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.
Can the IRS take your half of an inheritance if it is your sister that has the debt?
No. It doesn't belong to your sister until the estate distributes it. The estate will split the money/value as directed by the will or the intestacy laws. You will get your share and your sister will get her share. The IRS can place a lien on her share.
Can the IRS take my back taxes out of your son estate if im the executor?
They cannot take money out of the estate for your debts. However, they can place a lien on your inheritance from the estate. When the estate is distributed, your share could be taken.
Can a freehold estate be passed on from generation to generation?
Yes, a freehold estate can be passed on from generation to generation through inheritance or conveyance. This type of estate provides the highest form of ownership interest in real property, allowing it to be passed down to heirs or sold to others.
Does the Government control the IRS?
Yes. The IRS is part of the US Treasury Department which is part of the executive branch of the federal government. The IRS reports to the Secretary of the Treasury who reports to the President. The function of the IRS is to execute laws which Congress has passed.
