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fathers estate almost closes, now what

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T

terrileet

Guest
washington state..

the closing of my fathers estate is almost completed, house was sold and the title company divided the procedes and sent each (4) children our part of the sale after all settlements were paid.
now i understand i as the execter of the estate must pay taxes on the finial settlement @36k. i understand this will also come out of his estate, which is fine, but what if there is not enough money left in his checking account (estate) to pay the taxes. my question is- will i or my brothers have to pay this out of our own pockets.

also how do i get a tax id number

thank you
terrileet
 


JETX

Senior Member
These taxes should have been paid from the consolidated estate (income from all assets) before distribution. This includes the proceeds from the sale of the home. Since it wasn't, then the beneficiaries are going to each need to come up with their prorata share of the tax liability (from the proceeds that they have already received).
 

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