If a divorced man with no assets dies owing $20,000.00 back taxes to the IRS is that debt passed onto his adult son?
- Coffee DrinkerLv 72 months agoFavorite Answer
No, the debt dies with the person.
If the man had assets then the debt would be paid from the estate. But the estate is insolvent - meaning there isn't enough money to pay all the debts. So the debts just never get paid.
- JudyLv 72 months ago
No. it goes away if he has no assets.
- Max HooplaLv 72 months ago
If the deceased person did not have enough assets to pay his debts the account would be written off as not collectible..
- Elaine MLv 72 months ago
That's a 2 second google question. You could easily find the answer yourself online.
The Internal Revenue Service (IRS) requires the executor of an estate to file a tax return on behalf of a deceased individual for the tax year in which the the person died. Any tax the decedent owes is paid out of the estate. Once the tax debt is satisfied, no further tax is due on behalf of the deceased.
What Happens if a Deceased Person Owes Taxes? | Sapling.com
https://www.sapling.com › happens-deceased-person-owes-taxes
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- Anonymous2 months ago
No, debts are not inherited unless the son in this case has signed something or been involved in what created the debt agreeing to be responsible.
- John AldenLv 72 months ago
No it is not. If he left behind no money to pay the debt, or assets that can be sold to pay it, then the debt is written of by the IRS. It cannot be transferred to a child.
- The Football GodLv 72 months ago
No. but if his son contributed to that debt [business, property or something outside of the norm.
- 2 months ago
No, it is not. The debt dies with the person if there is no money to pay it.
- KellyLv 72 months ago
However you really should speak to a tax and/or estate attorney, most give a free consultation.
The IRS and anyone else he may owe money to though challenge his estate through probate court.
My dad didn't owe the IRS when he died but he had personal debts and medical debt like most people and since the state we live in isn't a community property state, my mom wasn't liable for any of his debts. The only one she paid was the mortgage and for obvious reasons she needed somewhere to live. Aside from the house, most of his debt was medical debt after getting sick.
- MaxiLv 72 months ago