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You would be the only that would have all of the necessary information that will be needed to correctly determine that amount of taxes that will due for this matter.
Go to the IRS gov web site and use the search box for Estate Tax
Click on the below related link.
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∙ 13y ago
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Does your deaseased moms IRS refund go to her estate?
Yes, the IRS refund will go to the estate. No one else would be authorized to sign the check.
What is a tax on real estate or personal property?
Property taxes are on real estate only. The IRS imposes charges on buildings, structures, land or houses that are permanently attached to the ground. These charges are called "real estate tax" or "property tax".
Does estate get passed to the IRS?
The estate does have to file a tax return with the IRS. It is responsible for income tax and estate taxes
The mortgage is in your wifes name can the IRS take it?
What's more important is who the real estate is deeded to. If you are neither on the mortgage nor the deed, then the IRS would have a tough time taking it. An exception to this is if you live in a community property state, in which case you would automatically own half of the house regardless. Also, I am assuming that your wife is not liable for the taxes.
Why is the IRS taxing me on the sale of my main home?
It's called "Capital Gain Tax" ... you have sold a house and have made a profit (income) and the IRS wants its share, too. Now, if you take all that profit and roll it (entirely) into another real estate investment (shelter), then you would not have to claim it as income.
Is a 1099-C debt forgiven from a real estate short sale taxed and considered as earned income or passive income due to it being Real Estate Rental loss?
Pursuant to the instructions in IRS Publication 4681 income reported on form 1099-C from debt forgiveness is reported on line 3 of schedule E if the debt has to do with non-farm rental real estate. This is the same line you use for rental income. So I believe the answer is that it would be considered passive income from rental real estate absent an election to be considered a real estate professional under IRC 469(c)(7).
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.
How do you determine after tax?
Take your taxable income and subtract your income tax amount that the IRS gets from you and the amount would be your after income tax amount.
Can IRS take car mom left you to collect her debt?
Yes, the IRS can do that. The car is part of the estate. The assets of the estate have to be used to clear all debts before anything can be distributed.
Where can you obtain a property title IRS lien search?
You can find a qualified title examiner by contacting a title abstract company or real estate law firm in your area.
Is a daughter who was power of attorney prior to her father's death responsible to the IRS for his debt when there is no estate?
No. The father's estate is responsible for his debts. If there is no estate the creditor is out of luck.
How much should I expect to pay for cost segregation services for my real estate investment?
There are several companies across the country that specialize in cost segregation and I would recommend contacting one of them. The IRS also may provide a listing of those close to you.
