Happens to the rest owing to that person?Where doe's it go?It should go to closest relative.
2007-02-22 09:34:40 · 5 answers · asked by walter_nahbexie 2 in Business & Finance ➔ Taxes ➔ Other - Taxes
Not sure of your question, but I'll try and take a stab at it anyway.
When a taxpayer dies, the executor of the estate is responsible for filing the final tax return. If there is a refund due, it will be paid to the estate. If there is a tax balance due, the estate is responsible for it.
The estate is an entirely separate issue. If the total value of the estate is less than the exclusion amount (currently $2 million) there will be no Estate Tax due. If there is Estate Tax due, the estate is responsible for paying the Estate Tax. If there's anything left after taxes and other debts are paid from the estate's assets, it is paid to the heirs according to the terms of the will. If there was no will, the state will decide how the remainder is divided.
2007-02-22 12:20:26 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
say wat dude? lol. do u know how to speak english; no offend :D im just asking.. i cant understand it i read it so many times but it doesnt make sense..
But i'll explain it.. uhmm.. but im not sure if this is the one ur askin?.. just wanna help.. well u can get all the taxes that u gave the goverment when ur retired.. or when u get old.. but if u die early u must have a last will so they can give all of it to that person.. :D the gov. used the money for some people who cant work anymore.. some african american.. mexican and what so ever... and also americans.. when people cant work anymore gov are responsible on them... they used the money to support does people.. and they also used them for all the goverment workers like presidents.. and watsoever... :D
:D anyway no offend dude... bout' what i just said.. :p just wanna let yah know.. lol. and HELP of course...
2007-02-22 10:00:55 · answer #2 · answered by MissYahoo 1 · 1⤊ 0⤋
the money would go to any further taxes that could be paid IE: income tax from previous year. if there is any left over the money usually goes to the beneficiary of the will after all legal matters have been dealt with.
2007-02-22 09:54:00 · answer #3 · answered by Deb D 2 · 0⤊ 0⤋
They take taxes AFTER you die too. It's called Estate tax. The estate files your last return
2007-02-22 09:58:24 · answer #4 · answered by Dizney 5 · 0⤊ 0⤋
they bury it with you.
2007-02-22 09:38:53 · answer #5 · answered by stupido#1 3 · 0⤊ 0⤋