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What tax credits can i claim from an estate I was administrator of?
Wiki User
∙ 10y ago
There are not likely to be any tax credits. The estate should reimburse you for your time and expenses.
Wiki User
∙ 10y ago
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Can the administrator of an estate be reimbursed for paying property taxes from their own funds?
You should check with the attorney who is handling the estate for the procedure in your particular jurisdiction. Generally, The administrator may file a claim against the estate and file the tax bill with proof of payment. They should be reimbursed from the estate before any proceeds or assets are distributed to the heirs. The issue should also be addressed in the final account for the estate.
What federal tax credits are available for 2010 tax returns?
There are many tax credits available for 2010. Energy credits are of big interest as this is the last year you can claim them. There are also credits for dependent care costs and charitable donations.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
What is the definition of tax credits?
Tax credits are credits that individuals or companies may be entitled to at the end of the tax year. These credits may include moving credits, college tax credits, or child care tax credits. One popular credit for families is the Earned Income Tax Credit, which offers a sizeable credit for families or single parents of children.
How is estate tax determined?
what is an estate tax
Can the administrator of an estate be reimbursed for paying property taxes from their own funds?
You should check with the attorney who is handling the estate for the procedure in your particular jurisdiction. Generally, The administrator may file a claim against the estate and file the tax bill with proof of payment. They should be reimbursed from the estate before any proceeds or assets are distributed to the heirs. The issue should also be addressed in the final account for the estate.
What federal tax credits are available for 2010 tax returns?
There are many tax credits available for 2010. Energy credits are of big interest as this is the last year you can claim them. There are also credits for dependent care costs and charitable donations.
How do i go about geting estate tax credit?
I would have a professional handle the estate tax credit. Most tax credits are time-sensitive and require various forms be filed. Why risk losing money?
Do you get more tax money if you claim a child?
If you have more refund or credits available to you, and a "qualifying" child to claim...yes, of course.
How can family tax credits be claimed in Canada?
There are several tax credits available in Canada. Get Trained Get Hired can help you claim all of them. I'm glad to hear that the employer is providing tuition reimbursement for course work relevant to your position, but did you know that there are also federal education and textbook credits to which you may be entitled? Filing Taxes will gladly guide you through the process of applying for any or all of these today! Find out more: filingtaxes.ca
Can you claim a Hope Tax Credit for education purpose if you don't have a IRA?
Hope tax credits and IRAs have nothing to do with each other. So the answer is yes.
Is the executor required to reveal his Social Security number when liquidating estate holdings?
No, they should not be required to provide their SSN. Estate holdings should be liquidated using the Estate's tax number. If there isn't one, then the executor is slipping up. Worst case would be to use the SSN of the deceased. Transactions have to be associated with a tax number. * The executor/executrix/administrator of the estate (whatever the title) is required to supply his or her SSN as well as that of the deceased or the TID when making a claim for the deceased estate with an insurance company and other such matters.
What happens with a deceased family members tax refund?
The tax refund will have to be deposited into the Estate of the taxpayers account and used to pay debts of the estate. It will then be disbursed according to the taxpayers will or the laws of the State if no will exists. The Administrator or Executor of the Estate will need to sign the check and deposit it in the proper account.
Are executor expenses tax deductible?
they are not a deductable amount. You can claim expenses as an executor against the estate funds. However, if you do claim executor expenses against the amount of the estate they are taxed as income for the person claiming them.
What is the definition of tax credits?
Tax credits are credits that individuals or companies may be entitled to at the end of the tax year. These credits may include moving credits, college tax credits, or child care tax credits. One popular credit for families is the Earned Income Tax Credit, which offers a sizeable credit for families or single parents of children.
Can you file an income tax if no income just in order to claim a deduction?
Yup . . . and don't forget to file your state return too for sale's tax credits, grocery credits, etc. Adds up to hundreds even if you have a small family!
Claiming the Best Tax Credit?
A person can truly claim all sorts of great tax credits for his or her situation. It is truly to a person's benefit to know all of the tax credits that he or she can claim on a tax refund. If a person invests just a bit of time, he or she can learn about all of the tax credits that exist and their various amounts. When a person wants to claim the best tax credit, it is probably a good idea for him or her to meet with a tax professional. It is a good idea to meet with such a professional, so that one can know if there are certain credits that one should simply avoid. Sometimes, if a person claims a certain credit, it means that he or she can not take a certain deduction. This can be one of the most annoying experiences for any person, and it truly can have an impact on the refund one gets. If a person wants the best refund possible, then meeting with an accountant or other tax professional is absolutely necessary. There are so many tax credits that a person can choose from. If a person has children, then there are definitely all sorts of tax credits he or she will be able to take. In addition, if a person has daycare expenses for those children, then he or she will likely be able to claim many other sorts of deductions and credits. If a person is pursuing a college degree, there are likely educational expenses that can be written off through deductions or credits. A tax professional will be able to help a person decide what credits are best for him or her to claim in a certain situation. It is also a good idea for a person to make sure his or her taxes are done in the most accurate way possible. It is important to hire an accountant that has been highly recommended by other people in the community. When one hires a high quality tax consultant, then one can be sure his or her taxes will be done in the best and most accurate manner possible.
