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As an executor of an estate you received money do you pay taxes on it?
Wiki User
∙ 15y ago
The fee paid to the executor is considered taxable income.
Wiki User
∙ 15y ago
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Do you have to pay taxes on estate money received?
Yes, you will have to pay taxes on any estate money received.
Who pays taxes on estate that is controlled by the executor?
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.
Is the executor responsible for paying all taxes on an estate?
The estate is responsible for paying all taxes. The executor is responsible for making sure that the estate does so.
You received an inheritence when your mom died in November 2009 She resided in NJ and you reside in PA Do you have to pay taxes on that money?
That will depend on the value of the estate. The executor will have to file a tax return with the IRS and the state of New Jersey for the estate.
Can the executor of estate be held liable for taxes owed if estate is insolvent?
No, the executor is not personally responsible. It is their duty to value the estate, resolves debts based on the assets. If there is not enough money, it is reported to the court with the distribution plan and some people do not get paid.
Can a town sue an executor of an estate for back taxes if the estate already settled if so how long do they have to make a claim?
Yes, they can sue the executor. They breached their duty if they did not resolve the taxes before closing the estate.
You are executor of an estate that generated incomedo you have to file taxes?
Yes!
Small estate is there estate taxes no will?
If there is an estate, there are tax forms to be submitted. They may not result in any estate taxes, but they have to be filled out and sent in. That is one of the responsibilities of the executor.
Can the IRS take my back taxes out of your son estate if im the executor?
They cannot take money out of the estate for your debts. However, they can place a lien on your inheritance from the estate. When the estate is distributed, your share could be taken.
If a deceased person receives a letter for back taxes what should his or her relative do?
Pass it to the Executor of the estate. It has to be paid, if there is enough money in the estate, before making any bequests.
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.
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.
