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You must apply to the court for authority to act for the payee's estate. The funds belong to the decedent's heirs and the court must determine who they are.
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∙ 13y ago
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Do you have to file an income tax return if you are deceased?
The estate of the deceased has to file tax returns.
What journal entries can you make to provide for income tax?
Debit income tax expensesCredit cash / bank
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Where does income tax liability go on the cash flow statement?
income tax liability is not part of cash flow statement rather it is part of balance sheet.
Is the surviving spouse responsible for deceased spouse's federal income tax?
I take it that the two of you filed separate returns and kept your funds separate. You are probably not responsible for your deceased spouse's federal income tax. However, your deceased spouse's estate is responsible for his or her federal income tax. That is if there is enough money in the estate to pay the taxes. Otherwise, you may need a good tax lawyer.
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
Can expenses made for the upkeep of my deceased parents be claimed on my income taxes?
No deduction on your federal 1040 income tax return for any of the expenses for the upkeep of your deceased parents.
Entry for Provision for Income Taxes?
You will need two accounts: Income tax expenses (an expense account, obviously) Provision for income tax (a liability account) You will simply: debit provision for income tax credit income tax expenses When actually paying income tax, you will: debit cash credit provision for income tax
Do you have to pay income tax on a cash gift?
If it is over $13,000
Can you cash a check that is over a year old?
No, you cannot cash a check that is one year old. In most cases, a check that is six months old is usually stale. This therefore means that the check cannot be cashed.
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
Should tax refund be listed as income on schedule I?
No. It is either cash (if received) or a receivable. It is not income.
