Taxes, change, and death are three certainties we have in life. The death of a relative can have a significant impact on an individual in terms of taking care of his or her estate. We are all are aware of this kind of scenario—of all the psychological consequences death represents. Back taxes, as it should be known, are partially or fully unpaid taxes from the year that they were due.
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As the Internal Revenue Service (IRS) clearly states, the income tax return of a decedent is prepared in the same way as if the person were still alive. All income must be reported and all the deductions to which the deceased is entitled may be claimed. This also means that all debt must be paid.
Are We Responsible for our Relative’s Unpaid Debt?
To answer it simply: no. If a person dies leaving unpaid taxes, the relatives are not responsible for the debt. The only individual held responsible for a decedent’s debt is the estate executor under specific circumstances. The estate executor becomes responsible if he or she distributes the assets according to what is stated in the will before the taxes have been paid, or if he or she is aware of the existences of debt and stills transfers or sells the property of the deceased, ignoring the fact that a payment must be made.
Estate taxes are taxes that are imposed on the net value of a decedent’s property before it is distributed to the rightful heirs. If a person dies owing money to the IRS, his or her assets will be put under a legal claim known as a tax lien. This means that said assets cannot be neither sold nor transferred to another person until everything has been paid off. If the debt cannot be financed in its entirety, then the IRS has the right to seize the property.
Exceptions to the Rule
Now, as with every rule, there are some exceptions. This means that in some cases, relatives are held responsible for unpaid taxes if:
They co-signed for a loan that remains unsettled.
Had a joint account.
The spouse is responsible for the debt left by the decedent in some states.
They shared debt.
Relatives are not held responsible for their deceased relative’s unpaid taxes under certain circumstances. However, they cannot reclaim their inheritance or any debt remaining after the relative’s death has been settled. Moreover, if the debt cannot be discharged, the IRS is in the complete right to seize said property.
Getting rid of a tax lien can be complicated, and you will likely need help from an independent tax attorney to make sure it is in your best interests
GET TAX RELIEF HELP TODAY
If you think that you may need help filing your 2017 tax return and past due tax returns, you may want to partner with a reputable tax relief company who can help you get the max refund and reduce your chances for an IRS AUDIT.
Advance Tax Relief is headquartered in Houston, TX with a branch office in Los Angeles, CA. We help many individuals just like you solve a wide variety of IRS and State tax issues, including penalty waivers, wage garnishments, bank levy, tax audit representation, back tax return preparation, small business form 941 tax issues, the IRS Fresh Start Initiative, Offer In Compromise and much more. Our Top Tax Attorneys, Accountants and Tax Experts are standing by ready to help you resolve or settle your IRS back tax problems.
Advance Tax Relief is rated one of the best tax relief companies nationwide.
Call our team today at 800-790-8574 for more information. For a free consultation, schedule an appointment with us online. Feel free to also learn about us and contact us via http://www.advancetaxrelief.com. However, it doesn’t matter where you live, we service taxpayers nationwide. We have settled millions in back tax penalties and interest for our clients nationwide.
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