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Don't leave it for your heirs (Moderated by Deepika, EleanorSews)
Posted on: 4/13/11 4:21 PM ET
My husbands sister passed away unexpectedly April 2nd at age 62. Besides leaving 5 dogs, 1 horse, half a dozen goats and about 30 sheep (don't worry her fellow animal lovers are taking good care of the critters until they can go to good homes) she also left us a monstrous IRS debt to deal with. That's what happens when you don't file taxes for years and years. That penalty and interest stuff adds up fast and high. My husband will be appointed personal representative (executor) per her will. Since he has paid employment and I don't guess what I'm going to be doing? I'll give you a clue it- won't be sewing.
To give you an idea of the problem we shipped home 15 boxes of paper to the tune of almost $500 postage costs. Yes we have an attorney and a tax professional dealing with it but it's still a mess for us to deal with too.
Moral of the story is file your taxes and talk to the IRS if you have problems. Not talking is so much worse.
Jan
To give you an idea of the problem we shipped home 15 boxes of paper to the tune of almost $500 postage costs. Yes we have an attorney and a tax professional dealing with it but it's still a mess for us to deal with too.
Moral of the story is file your taxes and talk to the IRS if you have problems. Not talking is so much worse.
Jan
Posted on: 4/13/11 4:55 PM ET
Wow! What a fix. Take lots of sorting breathers...yes, you need to sew to chill out. It could get way too depressing and overwhelming otherwise.
Posted on: 4/13/11 5:20 PM ET
In reply to Plantwizard
Oh, I'm sorry for your gigantic problem, and on top of grieving. I hope you can force yourself to ONLY work on it a few hours a day. Please promise you will do some sewing.
My stepmom passed away last month, and I am hoping everything goes easily for the oldest. He looks very tired already with all the details.
My stepmom passed away last month, and I am hoping everything goes easily for the oldest. He looks very tired already with all the details.
Posted on: 4/13/11 7:57 PM ET
In reply to Plantwizard
Question:
How are you responsible for someone else's taxes ? What put you in that position if it is so? I have a dead-beat brother-in-law that I would never pay taxes for. Those are his problems, not mine. Bert
-- Edited on 4/13/11 7:59 PM --
How are you responsible for someone else's taxes ? What put you in that position if it is so? I have a dead-beat brother-in-law that I would never pay taxes for. Those are his problems, not mine. Bert
-- Edited on 4/13/11 7:59 PM --
Posted on: 4/13/11 8:05 PM ET
I've helped others with filing their taxes and that paper work alone was exhausting. Sorry that you've been thrust this burden, remember to take some time for yourself so you can relax too.
It's usually the ones who are organized and together with their own lives that have to deal with cleaning up messes of others. I hope you and your husband will get through this as efficiently as possible.
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It's usually the ones who are organized and together with their own lives that have to deal with cleaning up messes of others. I hope you and your husband will get through this as efficiently as possible.
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I'm finally a blogger!
sewming.blogspot.com
sewming.blogspot.com
Posted on: 4/13/11 8:18 PM ET
In reply to Bert62
Quote: Bert62
Question:
How are you responsible for someone else's taxes ? What put you in that position if it is so? I have a dead-beat brother-in-law that I would never pay taxes for. Those are his problems, not mine. Bert
-- Edited on 4/13/11 7:59 PM --
Question:
How are you responsible for someone else's taxes ? What put you in that position if it is so? I have a dead-beat brother-in-law that I would never pay taxes for. Those are his problems, not mine. Bert
-- Edited on 4/13/11 7:59 PM --
That was my question too. Send them a copy of the death certificate and call it a day.
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http://theramblingsoftcm.blogspot.com/
Numbers for 2013:
Yards in stash: 606.25
Yards in: 22.75
Yards out: 10.50
Numbers for 2012:
594.00 yards in stash
4 yards in
10.25 yards out
Numbers for 2011:
601.25 yards in stash (I'm sure this number is off by a few yards)
Yards in: 137.50 (Seriously? I'm over 100, and it's only JULY? Ugh!)
Yards out: 88.75
Numbers for 2013:
Yards in stash: 606.25
Yards in: 22.75
Yards out: 10.50
Numbers for 2012:
594.00 yards in stash
4 yards in
10.25 yards out
Numbers for 2011:
601.25 yards in stash (I'm sure this number is off by a few yards)
Yards in: 137.50 (Seriously? I'm over 100, and it's only JULY? Ugh!)
Yards out: 88.75
Posted on: 4/13/11 8:28 PM ET
Well the person's estate is responsible for the taxes, so the taxes have to be figured out and paid before any distributions can be paid to heirs.
If nothing is left, then right, no one else owes anything. But if that person had money or a house or any of that, they have to sell and then give to the IRS.
My MIL never filed a succession (probate) when her husband died. She still refuses to do so even though we told her it will cost us money when she dies. She doesn't care. Everything was joint, in both names, so before he died she liquidated and put it all in her name so she wouldn't have to do it. But her house is in his name still, and it's going to cause trouble someday I know.
-- Edited on 4/13/11 8:30 PM --
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If nothing is left, then right, no one else owes anything. But if that person had money or a house or any of that, they have to sell and then give to the IRS.
My MIL never filed a succession (probate) when her husband died. She still refuses to do so even though we told her it will cost us money when she dies. She doesn't care. Everything was joint, in both names, so before he died she liquidated and put it all in her name so she wouldn't have to do it. But her house is in his name still, and it's going to cause trouble someday I know.
-- Edited on 4/13/11 8:30 PM --
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Bernina 790 PRO, 570
Babylock Evolution
When life gives you green velvet curtains, make a green velvet dress.
Babylock Evolution
When life gives you green velvet curtains, make a green velvet dress.
Posted on: 4/13/11 8:33 PM ET
We aren't personally responsible for her back taxes, interest and penalties but if the enrolled agent (IRS attack bulldog) and the hospital don't come down on the "sticker" price the estate may well be a walk away. We will get reimbursed for our expenses and my time first. Either I get paid to do the sorting etc or someone else does; it has to be done for even basic estate administration. Our costs are ahead of the IRS and the hospital luckily.
Don't worry-we won't be left holding the bag.
Jan
Don't worry-we won't be left holding the bag.
Jan
Posted on: 4/13/11 8:55 PM ET
In reply to Plantwizard
Well, I feel for you. However, if you are of a mind to do the sorting & organizing, you will save a fair chunk of change and better in your pocket than the accountant's. I have been paid well to take on this type of task.
While it is not taxes, I have spent the last 4-1/2 weeks sorting, pitching and packing up the design practice that DH & I had in the same office for 33 years. DH was not one to get rid of much. I managed the practice and kept the financial and administrative records purged. It took me about 2-1/2 months before I could begin this process because I had no idea where to start. Then a former faculty colleague of DH's contacted me about having a collection of DH's work archived. When the content of the collection was determined, it allowed me to get rid of everything else. I am determined to be done and out by the end of the month. Sorting thru files et al is a tiring task. Do be sure you don't let it take over your life.
Sorting through years worth of financial papers to files years of back taxes is a major effort. In recent years I took on that task for a friend who "got behind" and since then the friend's accountant has hired me to do similar for other clients. One thing that helped me was to get a ltr-lgl box labeled with each tax year. Then as I sorted through boxes of not well filed papers, the first sort was by tax year. The next step was to take the earliest tax year and get that organized.
Good luck!
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While it is not taxes, I have spent the last 4-1/2 weeks sorting, pitching and packing up the design practice that DH & I had in the same office for 33 years. DH was not one to get rid of much. I managed the practice and kept the financial and administrative records purged. It took me about 2-1/2 months before I could begin this process because I had no idea where to start. Then a former faculty colleague of DH's contacted me about having a collection of DH's work archived. When the content of the collection was determined, it allowed me to get rid of everything else. I am determined to be done and out by the end of the month. Sorting thru files et al is a tiring task. Do be sure you don't let it take over your life.
Sorting through years worth of financial papers to files years of back taxes is a major effort. In recent years I took on that task for a friend who "got behind" and since then the friend's accountant has hired me to do similar for other clients. One thing that helped me was to get a ltr-lgl box labeled with each tax year. Then as I sorted through boxes of not well filed papers, the first sort was by tax year. The next step was to take the earliest tax year and get that organized.
Good luck!
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"Be kind whenever possible. It is always possible." Dalai Lama
"We don't see things as they are, we see them as we are." Anais Nin
"Attitude is the difference between an adventure and an ordeal." unknown
“Be curious, not judgmental.” Ted Lasso
"We don't see things as they are, we see them as we are." Anais Nin
"Attitude is the difference between an adventure and an ordeal." unknown
“Be curious, not judgmental.” Ted Lasso
Posted on: 4/13/11 11:36 PM ET
Eleanor, can you please PM me? I have some questions about reasonable compensation for this kind of activity. I can't PM you since I'm not a FoPR.
Thank you,
Jan
Thank you,
Jan
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