0
If you are admimister of an estate do you have to pay taxes on money that is left to you?
No. The estate is responsible for any estate taxes. However, if your bequest involves a substantial amount of money you should seek professional advice. The attorney who is handling the estate should be able to advise you. If you get paid a fee for your services as the Administrator, that fee is treated as income and should be claimed on your tax return.
What else can I help you with?
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
Do you have to pay taxes on money inherited from parents estate in va?
This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.
What tax is imposed by the federal government on assets left by an individual at the time of death?
For the estate assets you would have estate taxes.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
Do you need a tax waiver in ny state in order to inherit monies left to you?
In New York State, you do not need a tax waiver to inherit money left to you. However, if the estate is subject to estate taxes, the executor must file the appropriate tax returns and may need to obtain a tax waiver before distributing the assets. It's important to consult with an attorney or tax professional to understand any implications related to estate taxes and the specific circumstances of the inheritance.
Do you pay estate taxes on property left to you?
Generally the taxes are paid by the estate.
What type of taxes paid on money and property and other valuables left by a person who has died?
estate tax
What if your uncle remembered you in his will?
The executor of the estate will pay off the bills and taxes and send you what ever it is that was left to you, whether it was specific items or money.
What is money remaining after taxes?
I think it is when you have money left over after paying all of your taxes
Do you have to pay taxes on money inherited from parents estate in va?
This may not apply to Virginia, but you generally do not have to pay tax on money you inherit. The tax has already been paid by the estate. Thus, the Federal Government took its share from the estate and then the state took its share from the estate and what little is left is yours to keep. No additional tax is generally due.
What tax is imposed by the federal government on assets left by an individual at the time of death?
For the estate assets you would have estate taxes.
Is money received as a beneficiary from an estate taxable?
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
What happens when money is left in a estate and that person is deceased?
The person would have to be deceased in order for the estate to be distributed. If the person left a Will then the terms of such would apply after any debts and taxes have been paid. If the person died intestate (without a will) the state probate succession laws apply.
What is the after tax income?
That is the money that is left after you have subtracted taxes.
How much money do soccer players have left after taxes?
The balance
Do you need a tax waiver in ny state in order to inherit monies left to you?
In New York State, you do not need a tax waiver to inherit money left to you. However, if the estate is subject to estate taxes, the executor must file the appropriate tax returns and may need to obtain a tax waiver before distributing the assets. It's important to consult with an attorney or tax professional to understand any implications related to estate taxes and the specific circumstances of the inheritance.
What is the taxes on a inheritance if one lives in Nevada and it's from an Uncle that died and left no living heirs to his estate?
According to the information at the link below there is no estate tax in Nevada. (Click on "Estate Tax".)
