Want this question answered?
Yes, you will have to pay taxes on any estate money received.
If there is an estate, there are tax forms to be submitted. They may not result in any estate taxes, but they have to be filled out and sent in. That is one of the responsibilities of the executor.
The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.
Pass it to the Executor of the estate. It has to be paid, if there is enough money in the estate, before making any bequests.
The person's estate is responsible for payment of back taxes. If there are any assets, the debts must be paid before any assets can be distributed to the heirs. If there are no assets the creditors should be notified of the death and they are out of luck.
To find out if back property taxes are owed on property (real estate or personal property) call your local city or county treasurer's office. Some cities and counties have tax collectors or assessors who handle this function. If you are buying real estate your title insurance company will investigate any back taxes owned the property for you.
No you do not pay any taxes on it but the estate may have already paid taxes if the estate is large enough
Yes someone is supposed to report the sale of the land from the estate and if pay any income taxes that may be due on the sale of the land from the estate. The trustee or administrator of the estate or the beneficiaries of the estate.
The person(s) who control any property left behind by the deceased.If the taxes exceed the value of the property, then the government will not be able to collect the difference.
In many jurisdictions the estate pays inheritance tax.
Their estate has to pay any taxes due up to the day they died.
If the value of the estate is low, probably none. The taxes are based on the value of the estate and most require at least $100,000 before there are any.