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When a person dies owing the IRS a lot of money are their children responsible for the debt?
Wiki User
∙ 14y ago
The estate is responsible for he debts of the decedent. If the decedent was the sole owner of any assets at the time of death those assets must be used to pay the debts before any property can be distributed to the heirs. If there are no assets the creditors are out of luck.
Wiki User
∙ 14y ago
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When a person dies owing the IRS and is not married are the children responsible?
The estate is responsible for the IRS bill. If there is not enough to cover it, the government may not get it.
What do you call a person owing you money?
Debtor.
What are all the tasks required for a collection attorney to perform?
A collection attorney has many tasks that they perform. A collection attorney is responsible to contact those responsible of owing money to someone or a company, and working on how that person will pay the money. After how is worked out, the collection attorney keeps track of the payments and if any are missed, will visit or contact the person.
When a person dies owing the IRS a lot of money is his new wife responsible for the debt?
yes u do bacause u are married. you now take over the persons debts as his wife
Who are people who owe money called?
The presence of owing money is referred to as being 'in debt'. A person who is in debt is a debtor.
Is there prison for owing money?
Not any more (it was called "Debtors Prison"), the only time you can go to prison for owing money in the modern world is if that money is for Tax.
Is it relevant for the car dealer to ask how much is owing on your trade in?
Of course it is. The dealer taking the trade would become responsible for loans and liens on the car once ownership has been transferred. If the remaining money owing on the trade is not paid he could lose the car to the lender.
What rhymes with owing money?
Flowing honey
What is a record of money owing or spent?
A——T
In Ontario what happens to your credit card balance when you die?
In almost all jurisdictions, any money owed by a deceased person is payable from the assets of that person. Typically, money held in a bank account for that person can be used to pay outstanding bills but funds from other assets such as physical property, houses etc can be used. If there are no assets (the deceased had no money and no property of value) then the amount owing on a credit card will be written off. In this case, his relatives are not responsible for the debts.
Who is responsible for deceased fiances debt when owing a house together?
Since the couple were not married the surviving person is only responsible for joint debts only. The status of the home ownership depends upon how the property is titled and the terms of the mortgage agreement.
Would it be possible to have a negative US dollar at the end of a trip?
Well I it is possible but the only problom is that you will be in det with some body.you will be owing money to that person.
