2007-08-30 23:53:06 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
The dog will have to pay taxes only if he has a social security number. Social security limits issuance of social security numbers to people. The bequest will be made to a trust set up to support the dog. It will pay taxes on income to the trust.
2007-08-31 01:41:22 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Her estate will pay tax on the inheritance, since the estate is obviously well over the limit to be required to pay estate taxes.
The money goes into a trust for the dog. The trust will pay taxes annually on any income from the inheritance.
2007-08-31 11:52:36 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The dog won't pay any taxes, but the trustee of the trust that cares for it will file returns (Form 1041) and the trust most certainly WILL pay taxes on any trust income.
2007-08-31 10:19:16 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
its being managed by her brother and it will be a inheritance tax or maybe because she was such a horrible person, ans wealthy she got around it somehow! what a loser!
2007-08-31 07:02:57 · answer #4 · answered by makcadoo 2 · 0⤊ 3⤋
that was uncalled for , her to leave all that money to the dog and not her grandkids. glad she wasn't my granny!!!
2007-08-31 07:02:41 · answer #5 · answered by newbe 4 · 0⤊ 3⤋