Saturday, January 7, 2012

I'm personal rep. for my bro.estate all bills pd. bal. goes to me. I'm 85 what taxes do i pay on lefovers ?

YOU don't pay any taxes to the IRS. In some states, you may pay a state inheritance tax. That said, the estate MAY own an estate tax to the Federal government. If it does, it is owed on the TOTAL estate before any of the bills are paid. Please consult an estate attorney for proper advice. The estate pays the attorney before anyone other than Uncle Sam gets paid as well.

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