Estate Taxes?

[MikeS.]

Short version, my sister passed back in 05 in Calif. I live in WVa. I had the county there become the adminastrator of her estate. I got an e-mail from them today telling me that their accountant had filed the estate taxes.

I thought that those didn't come into play until over 1 million or something like that. This estate is about 25% of that, before expenses.

Anyone here know about this subject?

TIA,

 

[BethID]

I would think these are the estate income taxes. If the estate made over $600 in income last year, the estate has to pay federal income taxes on the money earned.

 

[oxfordcircus]

What BethID said. Or it may just be a filing for an exemption.

 

[allison443]

I believe you are referring to the federal estate tax exemption. States can also impose estate taxes and that state may have lower exemptions. Maybe they filed a state tax return?

 

[MikeS.]

Anyone else have any ideas?

 

[Bob Slydell]

Two thoughts:

One, the posters above you are correct. They may very well be referring to state taxes or income generated from the estate itself.

And two, regardless of whether or not you owe federal estate taxes, an estate tax return has to be filed, I believe.

Did the accountant say you (or the estate) owed money, or simply that the return had been filed?

 

[MrsToad]

Just as others have mentioned, when my Dad died in CT, I had to file an Income Tax Return with the IRS for any monies (interest, dividends, etc.) the estate earned during the time it took to close it. I also had to pay Connecticut Estate Taxes, even though the estate did not meet the minimum requirement to trigger Federal Estate Taxes. Can you get copies of the tax paperwork in question from the administrators to clarify things?

 

[MikeS.]

Two thoughts:

One, the posters above you are correct. They may very well be referring to state taxes or income generated from the estate itself.

And two, regardless of whether or not you owe federal estate taxes, an estate tax return has to be filed, I believe.

Did the accountant say you (or the estate) owed money, or simply that the return had been filed?

Simply that a return had been filed with the Feds.

Just as others have mentioned, when my Dad died in CT, I had to file an Income Tax Return with the IRS for any monies (interest, dividends, etc.) the estate earned during the time it took to close it. I also had to pay Connecticut Estate Taxes, even though the estate did not meet the minimum requirement to trigger Federal Estate Taxes. Can you get copies of the tax paperwork in question from the administrators to clarify things?

The county will be sending me a copy of everything, who knows when... It has taken 20 months so far and this was a simple estate.

Thanks people