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What else can I help you with?
Are rent payments from family members considered taxable income?
Yes
How do I get a copy of a deceased family member's tax returns?
First, you must have legal standing to obtain a copy. The estate representative (executor or administrator) who has been appointed by the court would have legal standing evidenced by Letters Testamentary or Letters of Administration issued by the probate court. They can contact the IRS at 1-800-829-1040. You may find that it is cheaper and faster to just get a transcript of the family member's tax accounts instead of actual copies of the tax returns. In case you have not done so already, the executor or other person who will be handling the affairs of the deceased person should complete Form 56: http://www.irs.gov/pub/irs-pdf/f56.pdf and file it with the IRS as soon as possible. Form 56 notifies the IRS where they should send correspondence and notices about the tax affairs of the deceased. If you don't file it, the IRS can discharge its obligations simply by sending a notice to the deceased at their last known address. If the notice didn't get delivered, the estate would lose its rights to challenge an adverse decision.
Is a gift to grandchild a tax deduction?
No, your entirely backwards....if done properly it is neither taxable to them or gift taxable to you. No gifts - and especially no support of family - are tax deductible, (unless charitable donatiosn to QULIFIED charities).
Is a gift of 25000 dollars taxable income?
A gift from whom to whom? Gifts to individuals like a family member are not taxable to the person receiving it, but may be taxable to the giver in the form of gift taxes. If large sums are gifted, you need to get professional assistance as there are ways of avoiding gift taxes if set up correctly before they are gifted. Afterward, it's too bad.
Does a person drawing workers comp have to file taxes?
If worker's compensation is your only income for you and your family then no you don't have to file taxes. Worker's Compensation is not taxable on Federal Income Taxes.
What to do with deceased assets if no executor asigned?
The probate court will appoint an executor. It is often a family member or a neutral party.
Who performs the execution of a deceased persons will?
The executor is the person that performs the last will and testament of a recently deceased person. The executor is usually named in the will. It can be a family member, a legal representative, or anyone that the person chooses.
What rights does an executor have to claim the deceased ashes from a family member who is withholding them?
Can I claim my fathers ashes
What if executor has died before applying for grant of probate?
If at the time of death of the testator the named executor is deceased the court will appoint a successor. Another family member can petition to be appointed the executor or the family can nominate a successor who must be appointed by the court.
How does a family member apply to become executor of estate if executor is deceased?
You apply to the probate court. There is normally a package of documents that have to be filled out and submitted to the court. Consult a probate attorney for specifics.
When a death in the family occurs does the family qualify for the deceased's final work pay and vacation pay?
The deceased's ESTATE is due ALL pay and benefits that are owed up to the time of the death. The 'executor' of the estate may have to approach the deceased's employer to collect these benefits however.
Can a executor sell the home in the will if it is split with another family member?
The executor of the will has the ability to sell property of the estate. They may have to in order to pay off the debts of the deceased. The value of the property after the debts are cleared would be split between the family members.
What happens if the family of a deceased person object to the executor of the will?
I am not an attorney. You could mean that family don't like the person chosen to be the executor, or that family object to something the executor is doing. Not liking the person is petty, and not worth getting upset about. The executor was chosen by the deceased, and if the will is in order and if the executor is doing everything properly, then you just suck it up until the assets are distributed. If the executor is not following the exact specifications in the will, then there is a problem. Family should be able to obtain a copy of the will, and if the executor is misbehaving then probate court has to come into the picture. Even when there is a will, the process is handled by probate court, although the process is much more streamlined when there isa will. But the provisions of the will have to be determined to be legal by probate court, and no executor can simply do what he pleases without regard to the provisions of the will. It sounds like probate court may be able to help you.
Should there be more than one executor for a deceased family member.?
Multiple executors usually causes problems. A single executor is better in my opinion and I would word it that way in the will, even if several alternatives are listed.
If a person is married is the executor of their will responsible for paying there bills?
The executor is responsible for making sure all assets in the will are accounted for, along with transferring these assets to the correct party. He or she also needs to ensure that all the debts of the deceased are paid off, including any taxes. The executor is legally obligated to meet the wishes of the deceased and act in the interest of the deceased. The executor can be almost anyone but is usually a lawyer, accountant or family member, with the only restriction being that he or she must be over the age of 18 and have no prior felony convictions. Source: Answers.com
Can a deceased executor be replaced and do the heirs of a deceased executor have the right to be appointed to replace their parent?
The answer to both questions is yes, if the heirs at law of the deceased executor are also interested parties to the estate. The family should get together and decide who would make a good replacement. Then the court should be notified of the death of the executor and at the same time the chosen replacement can request appointment as the successor. You should consult with the attorney who is handling the estate.The answer to both questions is yes, if the heirs at law of the deceased executor are also interested parties to the estate. The family should get together and decide who would make a good replacement. Then the court should be notified of the death of the executor and at the same time the chosen replacement can request appointment as the successor. You should consult with the attorney who is handling the estate.The answer to both questions is yes, if the heirs at law of the deceased executor are also interested parties to the estate. The family should get together and decide who would make a good replacement. Then the court should be notified of the death of the executor and at the same time the chosen replacement can request appointment as the successor. You should consult with the attorney who is handling the estate.The answer to both questions is yes, if the heirs at law of the deceased executor are also interested parties to the estate. The family should get together and decide who would make a good replacement. Then the court should be notified of the death of the executor and at the same time the chosen replacement can request appointment as the successor. You should consult with the attorney who is handling the estate.
Can you be executor of estate with no assets in estate?
Yes. This can make sense in order to close out the debts of the deceased and prevent creditors from annoying surviving family members.
