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What else can I help you with?
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 is a tax on real estate or personal property?
Property taxes are on real estate only. The IRS imposes charges on buildings, structures, land or houses that are permanently attached to the ground. These charges are called "real estate tax" or "property tax".
Does a title company file a form 1099s with the IRS?
Yes, a title company typically files Form 1099-S with the IRS to report the sale of real estate. This form is used to report proceeds from the sale of real estate transactions, including the sale of land and certain types of property. The title company is responsible for ensuring that the form is accurately completed and submitted, as it helps the IRS track real estate transactions for tax purposes.
Does estate get passed to the IRS?
The estate does have to file a tax return with the IRS. It is responsible for income tax and estate taxes
The mortgage is in your wifes name can the IRS take it?
What's more important is who the real estate is deeded to. If you are neither on the mortgage nor the deed, then the IRS would have a tough time taking it. An exception to this is if you live in a community property state, in which case you would automatically own half of the house regardless. Also, I am assuming that your wife is not liable for the taxes.
Why is the IRS taxing me on the sale of my main home?
It's called "Capital Gain Tax" ... you have sold a house and have made a profit (income) and the IRS wants its share, too. Now, if you take all that profit and roll it (entirely) into another real estate investment (shelter), then you would not have to claim it as income.
How can I obtain an IRS form to get an EIN for an estate?
To obtain an IRS form for an Estate Employer Identification Number (EIN), you can visit the IRS website and download Form SS-4. This form is used to apply for an EIN for an estate. You can also call the IRS at 1-800-829-4933 to request a copy of the form to be mailed to you.
Is a 1099-C debt forgiven from a real estate short sale taxed and considered as earned income or passive income due to it being Real Estate Rental loss?
Pursuant to the instructions in IRS Publication 4681 income reported on form 1099-C from debt forgiveness is reported on line 3 of schedule E if the debt has to do with non-farm rental real estate. This is the same line you use for rental income. So I believe the answer is that it would be considered passive income from rental real estate absent an election to be considered a real estate professional under IRC 469(c)(7).
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.
What is the process for substituting form 1099-S for reporting proceeds from real estate transactions?
To substitute form 1099-S for reporting real estate transaction proceeds, you must obtain approval from the IRS by submitting a written request along with a statement explaining why the substitution is necessary.
What happens when someone dies owing the IRS?
When someone dies owing the IRS, their outstanding tax debt becomes part of their estate. The executor or personal representative of the estate is responsible for resolving the debt, which may involve using assets from the estate to pay off the taxes owed. If the debt exceeds the value of the estate, the IRS may be willing to negotiate a settlement or payment plan with the estate's representative.
How do you determine after tax?
Take your taxable income and subtract your income tax amount that the IRS gets from you and the amount would be your after income tax amount.
