Your Deceased Loved One and Irs Debt - Who Has to Pay the Tab?

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Saying goodbye...What happens when a loved one passes away and leaves an Irs debt behind? Does that debt fall onto you? Or can the Irs secure on a deceased person's tax debt at all?

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The only way the debt can fall to you is if you filed jointly at which point you would become the customary debtor and still owe the Irs.

A family affair...However, if that isn't the situation then who does have to pick up the tab? After all the Irs doesn't like to give up on any money it's owed; even if the Irs has to dig up grandpa's corpse to get it. I never had to disrespect the final resting places of the dead when I was an Irs-Hitman. We took care of seizing any personal needful before your loved one went into the ground.

The bare bones...Here's how things work when a deceased loved one owes the Irs. The executor of the estate has to catalogue all assets. Once that is done any debts the deceased had prior to his/ her death are paid, and the remaining assets both liquid and non liquid is distributed among the beneficiaries per the Will.

That assumes there is an estate or assets to sell and pay off creditors. For example if assets or asset were transferred prior to or upon death, if stated in a Will, there isn't whatever collectible. In the case of there being nothing of value to satisfy the creditors or the Irs then the catalogue is concluded as non collectible.

You may end up in debt too...However, before you start to enjoy your new found legacy there are some things that you should know; because the Irs plans for the assets dear old grandpa left you in his Will. Some of that legacy is chargeable and some isn't. It's leading to know the details of your legacy so that you don't end up in a pickle with the Irs too.

· Life guarnatee payouts are non taxable. That's because Life guarnatee isn't determined wage because it's used to take care of the deceased's funeral and supply for family.

· Lump sum cash legacy is determined wage and is therefore taxable. If you receive a lump sum legacy then you need to description it on your taxes as wage and be prepared to pay taxes on the amount.

· asset such as houses or cars is non chargeable unless they're sold. Any proceeds from the sale of inherited assets are also determined wage and must be reported on your taxes.

Having to go straight through the death of a loved one can be difficult sufficient without having to worry about the Irs getting involved.

Now you have the smoking gun...Use it!

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