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Question about filing income tax for deceased parents, can you help?
My Dad passed away late Nov, and Mom too has since passed in Feb. We, as grown children are in the process of establishing estates for each. It appears they have always had to pay taxes, but since the estate is not established yet, there are no funds or money with which to pay the taxes at this time.
Is filing an extension the best/only option we have? And if so, will we (estate) have to pay the interest that is accrued? Or does the US Government allow for such exceptions? (stop laughing now)
FYI they were relatively young at aged 64. Dad died of cancer and Mom had a massive stroke 6 weeks ago. Also, we are not talking about folks that had/made lots of money- instead there is alot of debt, not including the income tax that is owed.
Oh yeah, of course we have to do something as we have the deadline of 4/15/08
3 Answers
- OttoLv 71 decade agoFavorite Answer
I don't think you need to file if you are dead. The executor of the will needs to handle all financial matters including debts. You may wish to call the IRS and ask if there is a special form to send in. My condolences for your losses. Having one parent die is bad enough but to lose both within a short time is beyond harsh.
- PaschaLv 71 decade ago
First of all, I am very sorry for your devastating loss of your parents..
When I have an income tax question, I always start with reading the IRS publications that deal with the issue.They are available online at the IRS website. The local library also has a set in hard copy, which you can photocopy. Then there is an 800 number for the IRS, so you can talk with a real person.
I don't know if there are wills, but if they exist, the will says who the executor will be. (You don't have to accept the job.) Take the will to the courthouse and file for probate. (If there is no will, you can still start the probate process; get the forms from the courthouse.)
Then you will be able to open up an estate checking account for paying the debts. But first find out what all the debts are, and who has first priority in your state.
There are books on probate that you can read, and you can also go to the law library in your court house to look up more specific information.
If you are dealing with a lot of debt, you may have insolvent estates. You have the possiblility your mom may have inherited from your dad before she died. It doesn't sound like there is a lot of money to use consulting a lawyer.
If the debts exceed the assets, you may not want to get involved doing the work of executor and having the hassles.The compensation for the executors work is only a small percentage of the value of the net estate. You would be working for free to collect and liquidate the assets in order to pay the debts.
- 5 years ago
If no presonal repersenative will be appointed and there is no surviving spouse, a person in charge of the decedent's property files the return. Typically, the heirs agree on which of them will file. Attach Form 1310 to the return to claim a refund. I also think you have to write deceased across the top of the 1040 and sing the return as deceased. If there is a surviving spouse the return would be signed on deceased's line " filing as surviving spouse " Sorry for your loss and I hope this helps. :)
