My father died and the government is knocking at my door?
2006-11-17 10:45:44 · 6 answers · asked by digileet 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
I mean will I go to jail or something, will I owe the government?
2006-11-17 10:54:56 · update #1
Liquidated meaning sold?
2006-11-17 11:08:22 · update #2
If your father died in 2005 the estate will be exempt for the first 2 million dollars. You will need to file an estate return which normally requires an attorney and a CPA because they are rather complicated. Not filing the return will surely complicate things. If there are taxes due and not liquid assets to make those payment from the estate the estate will need to liquidate some of the assets. In plain language that means sell some of the property to pay the tax. The estate can sell it to you or anybody. If you do nothing the government will take what they think is due. Generally that is a great deal more than if you file the proper return in a timely manner.
2006-11-17 11:19:47 · answer #1 · answered by ? 6 · 0⤊ 0⤋
The estate owes the government, not you. An estate tax return should get filed. If the estate is less than approx $1 million there would be no tax on the estate. If it is greater than the tax would be paid with the return. If there is not enough cash to pay for it, then part of the estate needs to be liquidated.
2006-11-17 11:04:28 · answer #2 · answered by BHWMST 3 · 1⤊ 0⤋
convert some of the estate to cash
2006-11-17 10:53:27 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I take it you aren't in the US, that isn't how it works here. Be more specific, perhaps a solicitor will respond.
2006-11-17 10:48:21 · answer #4 · answered by open4one 7 · 0⤊ 1⤋
estate..they take to sastify needed amount....
wiser to borrow..
2006-11-17 10:47:41 · answer #5 · answered by cork 7 · 1⤊ 0⤋
open4one is an idiot, good answer cork
2006-11-17 10:51:22 · answer #6 · answered by Anonymous · 0⤊ 0⤋