0
Is the person who rewarded a life estate resposible for decedents debt?
Wiki User
∙ 10y ago
That will depend on the relationship. If it is a spouse, there is likely to be a legal responsibility.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
If a person purchases a car for you as a gift how do you keep the gift if the person dies?
If the person who died didnt put the title in your name, (in which case it wasn't a gift to you, but just them allowing you to use their car) the car becomes part of the decedents estate.
What is a teenagers role Ina family?
To be the resposible person in the family
What is the difference between estate tax and a gift tax?
Estate taxes are the taxes imposed on a decedents estate, whether state, federal or both) to remove the property out of the decedents name and placed into a living beneficiary's name. A gift tax is a tax on any gifted amount over the maximum lifetime gifts made by an individual from their estate to another party. This gift tax is paid by the individual giving the gift, not the person receiving the gift. The federal amount per person for a gift changes and you must keep note of this, however this gifted amount can be given each year to any number of people with no gift tax so long as it is under the maximum life amount for gifting under the uniform gifting code.
What is the difference between a gift tax and estate tax?
Estate taxes are the taxes imposed on a decedents estate, whether state, federal or both) to remove the property out of the decedents name and placed into a living beneficiary's name. A gift tax is a tax on any gifted amount over the maximum lifetime gifts made by an individual from their estate to another party. This gift tax is paid by the individual giving the gift, not the person receiving the gift. The federal amount per person for a gift changes and you must keep note of this, however this gifted amount can be given each year to any number of people with no gift tax so long as it is under the maximum life amount for gifting under the uniform gifting code.
What is IRS form 706?
Its a federal estate tax return form. Somebody dies. If that person (the decedent) had money, then this form is used. The form is generally due within 9-months from the date of death of the decedent whose estate is at issue. Form 706 is filed by an executor or trustee on the behalf of estates of decedents for the year in which they passed away and in future periods until the value of the estate has been distributed.
Can I file my deceased father's Tax return?
The person who is designated as the Administrator or Executor of his estate is the one who has the right to file this return and to negotiate any refund check if one is due. The return must be filed and the type of return is a Decedents Return. Only the person authorized in the will and by the local Probate or Magistrate Court is able to take care of these matters.
Can a decedents son use the decedents debit card to pay her funeral expenses?
No, that is fraud and identity theft. The card's usage must cease when the owner dies. Even if that person allowed their son to use the card, that ends on death.
What type of tax is levied on the entire estate of a person?
Estate taxes are levied on the entire estate of a person.
Is income in respect of a decedent taxable?
Yes. Death does not get you out of paying income taxes in the United States. I do several returns a year for deceased people. This is called a Decedents Return. If the person dies on January 1st they have to file a return for the entire year if they had income over the threshold to file. The Administrator or whomever is in charge of the Estate is responsible to file and pay the any taxes due from the Estate.
What type of tax is levied directly on the entire estate of a person?
Estate taxes are levied on the entire estate of a person.
What type of taxes Levied directly on the entire estate of a person?
Estate taxes are levied on the entire estate of a person.
How do you address a person's estate?
To the Estate of xxxxxxx
