Can I claim my deceased mother on my taxes?

Yes. You can claim a dependent who died during the year if you would have been entitled to claim their exemption if they would have survived through the end of the year. See this explanation from IRS Publication 501: Death or birth.

Who is responsible for paying taxes for a deceased person?

The personal representative of an estate is an executor, administrator, or anyone else in charge of the decedent’s property. The personal representative is responsible for filing any final individual income tax return(s) and the estate tax return of the decedent when due.

Is a lump sum death benefit taxable?

While some forms of death benefits, such as life insurance payments, are not subject to income tax, the IMRF lump sum death benefit is taxable. Since the member does not use previously taxed money to pay for the benefit, the IRS considers the death benefit taxable to the beneficiary.

How long has my mother been paying property tax?

Mother died without leaving a will. She had three children and one of her sons has been paying the property tax for 2 years now. I have been told if he pays it 3 years or 7 years that it is his?

What to do if someone is paying property tax on his deceased mothers?

There may be an option of a buy out of the two children’s interest by the child paying the taxes. You may also be dealing with the issue that he has paid full taxes alone on a property that is owned equally by 3 people. I would certainly speak to an attorney so that he… I agree with the other attorneys.

Is the IRA of a deceased mother taxable?

If your mother never made any nondeductible contributions to her IRA, your basis for the account is $0. Distributions from a traditional IRA inherited from your mother are fully taxable unless she made nondeductible contributions to the account.

Can a child buy out the interest on property tax?

You did not mention, though, if the child who has been paying the taxes has also been living in the home since mom’s death. There may be an option of a buy out of the two children’s interest by the child paying the taxes.

Mother died without leaving a will. She had three children and one of her sons has been paying the property tax for 2 years now. I have been told if he pays it 3 years or 7 years that it is his?

What kind of tax do I pay on my parents estate?

In essence, an estate tax is a federal tax against the total value of your parents’ estate, which must be assessed and paid before any remaining proceeds are distributed to the heirs. An inheritance tax is a state tax that you (the beneficiary) pay to the state on the proceeds you inherit once your parents’ estate is settled.

What happens when a deceased taxpayer sells real property?

Deceased Taxpayers – Selling Real Property that is Part of the Decedent’s Estate. This estate tax lien does not have to be publically recorded in order to be valid. An “assessment lien” under IRC § 6321 arises when tax is assessed and may be recorded in addition to the lien provided by IRC § 6324.