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Will the IRS levy my mother's bank account for my taxes if my name is on the account for inheretence purposes?
Wiki User
∙ 14y ago
It sounds like your mother has an account with an "in trust for" phrase on the name of the account. She intends for you to inherit the money without that money having to go through the probate court. At least that is how it works in this particular state. Normally, the IRS does not touch that type of account. However, if you owe back taxes and the account contains any money when she dies, they will take it before you get it.
Wiki User
∙ 14y ago
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In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
What is an account with a financial institution used to pay taxes and insurance called?
An Escrow Account.
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Can the State of Minnesota or the IRS take money from a bank account that is not a joint account to pay for a spouse's back taxes if the one who has the account does not owe taxes?
Minnesota is not a community property state, so the answer is generally no. However, if the funds are in the account as a result of a fraudulent conveyance to evade payment of taxes, action could be taken to recover them. Errors do happen, of course. As long as you are married to someone who does not pay their taxes, you do have to worry.
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23.7%
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His estate...which is actually him continued after death for business purposes. I have received a tax levy in my deceased husband old business account from 2004 Am I responsible
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taxesCharges made by governments to raise money for public purposes are called taxes. People in the United States have to pay income taxes every year.
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Taxes do not become due until money is spent from the account (withdrawn)
In a Traditional IRA when does a person pay taxes on the money in the account?
Taxes do not become due until money is spent from the account (withdrawn)
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If your the executor of a will and you find the bank account has Pay upon death on it and it is not the executor who pays taxes on that?
I have been the executor of my mothers money, I pay her nursing home bills with it, she just died and i have 200,000 dollars left, do I have to pay tax on that money.
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all taxes must be used for public purposes, not private purposes
