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Who pays taxes on estate that is controlled by the executor?

Anonymous

∙ 12y ago

Updated: 9/22/2023

The executor of an estate uses the assets of the estate to pay any taxes or other debts owed by that estate. If it should turn out that the taxes owed exceed the value of the estate, then the executor pays as much as the estate consists of, after which there is no longer an estate.

Wiki User

∙ 12y ago

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Q: Who pays taxes on estate that is controlled by the executor?

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Continue Learning about Accounting

Who pays an inheritance tax?

Inheritance Tax is paid by the deceased individual's estate. To the degree that an estate's assets are reduced by the payment of inheritance taxes it can be said that heirs "pay" the tax but they are not liable for payment of the tax. An executor/executrix is responsible for determining if taxes are owed, for filing the appropriate tax returns and for making the necessary tax payments. An executor/executix is personally liable should taxes that are owed fail to be paid.

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they don't pay taxes they're all illegals

Sales tax is an example of?

Sales tax is an example of an indirect tax. This is taxes that a consumer pays to someone else and then that other person pays the taxes to the government.

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Related Questions

Who pays the executor of the estate?

The estate pays the executor. The fee is either approved by the court or proscribed by law.

Who pays for lawyer to replace exuector?

The estate pays the executor and the attorney. So it will be a part of the estate settlement and approved by the court.

When I die who pays my taxes?

your estate.

Who pays for mortgage until estate is settled?

The executor of the will would be responsible

Is a executor liable for any bills?

The executor is not personally liable. They are required to use the estate funds to resolve bills.

Who pays the property taxes on life estate?

The owner of the life estate.

Who pays the probate attorney and how much?

The estate pays the probate attorney. The amount will depend on the agreement the executor makes with them.

What if the deceased did not own their car and the executor would like to take it over?

The estate can sell the car to the executor. They will have to demonstrate to the court that they paid a fair market value for the vehicle. Essentially, the executor pays the estate for the car and the estate settles the car loan.

Who pays an inheritance tax?

Inheritance Tax is paid by the deceased individual's estate. To the degree that an estate's assets are reduced by the payment of inheritance taxes it can be said that heirs "pay" the tax but they are not liable for payment of the tax. An executor/executrix is responsible for determining if taxes are owed, for filing the appropriate tax returns and for making the necessary tax payments. An executor/executix is personally liable should taxes that are owed fail to be paid.

Who pays the taxes on a house that is left to a beneficiary if the will is still ongoing?

It is up to the executor of the will to keep taxes, insurance etc. current.

Who pays deceased unpaid mortgage?

If there is a will, the executor makes all mortgage payments from the estate of the deceased.

What is the difference between death tax and estate tax?

Inheritance taxes and estate taxes differ only in who pays and to whom the tax is paid. Learn the differences between inheritance and estate taxes.

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