Tax FAQ
 

Can Tax Debt Be Pass On After Probate?

Question by Mike M | Posted in United States

My nourisher passed away july 2007. I went thru probate, filed taxes for 2007 and everything was finished, I bit. I got a letter from the IRS stating that her 2006 taxes were incorrect. Can they collect the $9000 they say she owes?

Answer: Apologetic for your loss.

The IRS can only collect from the proceeds of her estate, not from funds you held before her death. Such proceeds group not only any assets still held in the name of her estate, but also significant bequests of cash or property made to her heirs (which is how they can draw up money from you). If there is any question about whether assets you now hold came from her estate or from funds you held before her termination, they will assume you spent your own funds
 
 

How Do I Find An Income Tax Number For Probate Purposes?

Question by fantasia. | Posted in Law & Ethics

I have searched and searched and searched for my fellow-countryman's income tax number and also his NHS number and cant find them anywhere. I know he paid tax on his shares but no one seems to be able to cure me. will they grant probate without them or are there going to be complications?
I meant National Insurance No. sorry. He was a attorney so was self employed.

Answer: The receipts tax number appears on all documents received from the Inland Revenue. It would also be in the possession of your relation's employer if he had one.

Alternatively, a taxpayer's records can be found with his or her National Insurance number.

Weak spot that, you submit the IHT and probate forms without any number but with an attached explanation.

You can get help from the Inland Take on 0845 302 0900
There's some information at http://www.hmrc.gov.uk/cto/pa1.htm

Related Topics:

Los Angeles County Tax Assessor
New Income Tax Forms
County Tax Assessor Office

 
 

Will Putting My Name On My Dad's House Help Avoid Probate And Inheritance Tax?

Question by Kathryn N | Posted in Other - Business & Finance

I am an only youngster. My Mom is dead. My Dad's only asset is his house. If he adds me to the deed, won't ownership just turn over to me when he dies? Without inheritance taxes or probate? He lives in California.

Answer: Assuming that the mortgage is paid off, this is a prospect. Your best bet is to talk to a financial counselor about a living trust/non-revocable confide in and see which avenue is best financially and legally. There may be other problems involved (i.e., if he had to go into a nursing dwelling within the next 5 years, Medicad can "look back" for transferred assets).

If there is still a mortgage, then this may be involved and you cannot just put your name on the deed.

Related Topics:

Calculating Income Tax
940 Tax
Social Security Tax Limit

 
 

In Canada How Does A Declaration Of Trust Affect An Estate And The Probate Tax Required?

Question by bestsoccermom | Posted in Law & Ethics


Answer: Deceptive question. So you're saying that the deceased held assets in trust for a third party? Frankly, I don't advised of off the top of my head, but it would seem rather unfair to charge probate fees on assets in which the estate has no beneficial interest.

If you're making a probate germaneness, I would suggest retaining an experienced estates lawyer to do so.

Related Topics:

Probate Tax
County Property Tax Appraisal
Capital Gains Tax 2007

 
 

Can I Claim Tax Deductions On Probate Fees?

Question by Harley10 | Posted in United Kingdom

I have justifiable received my first self-assessment tax form in my own name - previously it covered roughly the same courtyard as when in my late mother's name.
Am I able to claim as a tax deduction all the various costs incurred anyway probate. ie: solicitor/estate agent/funeral fees etc?
Any advice much appreciated.

Answer: These costs would have been borne by your origin's estate, not by you personally, and would have been allowable against tax in making the return on behalf of the estate. I am rather puzzled, therefore, by your at issue. If there is some question about tax, then it would be best to ask the authority concerned. http://www.probate1.com/#What%20about%20 duty%20or%20tax?

Related Topics:

Calculate Property Tax
941 Tax Form
Ga Tax Commissioner

 

Probate Resources In The U.S. :: California Tax Attorney Blog

Public eye #4: California Probate Costs And FeesIn particularProbate fees and costs in California can add up. Here is a out of the blue a trim roll of what probate expenses consist of. Draw attention to #3: Helpful California Obligation Law And Tax LinksByHere " The original social status and probate codes that can be found from nation to dignified allow for "Manor Supplying," "Decedents' Estates," "Reliance and Fiduciaries, and the "Unvarying Probate Jus divinum 'divine law'. California, all the other 49 states and the Community of Columbia have enacted laws governing probate and landed estate planning – the probate organize, the validity of wills, formation of trusts, and more. In the tableland provided here , you will find links and citations to rank and probate laws for all 50 states and the Part of Columbia. Talk to to a probate attorney in California about your questions....

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