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estate taxes and bequeaths
Posted on 7/26/23 at 7:57 am
Posted on 7/26/23 at 7:57 am
Loaded question here with far too much context to go into but in general, if estate taxes are owed but the estate donates bequeaths that far exceed the taxes owed, are those taxes reduced/eliminated?
We have been told by the attorneys that we are waiting on paperwork from the IRS. The IRS seems like an agency that is on top of their communication when and if money is owed.
We've gone months without contact from the IRS and I have red flags going up.
We have been told by the attorneys that we are waiting on paperwork from the IRS. The IRS seems like an agency that is on top of their communication when and if money is owed.
We've gone months without contact from the IRS and I have red flags going up.
This post was edited on 7/26/23 at 8:00 am
3
Posted on 7/26/23 at 9:02 am to hey benji
I am a little confused by the question. Did the estate contain property or a business that has a questionable valuation?
Posted on 7/26/23 at 9:06 am to hey benji
Estate cannot make bequests. Only the Will or other testamentary instrument (Living Trust?) can direct that portions of the estate go to charitable organizations.
But any charitable bequests do qualify for charitable deductions against estate taxes.
But any charitable bequests do qualify for charitable deductions against estate taxes.
Posted on 7/26/23 at 10:50 pm to hey benji
quote:
We have been told by the attorneys that we are waiting on paperwork from the IRS. The IRS seems like an agency that is on top of their communication when and if money is owed. We've gone months without contact from the IRS and I have red flags going up.
Sounds like you are looking for an estate closing letter. Can take 8 months after estate tax return is filed… if it’s not audited.
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