What is the name of your state? FL
I have an unusual problem, and I thank you in advance for any advice. My father died with a rather large estate in May of 2006. Nearly all of it is real estate. We have several lawyers and accountants, but I have been refused their contact information by the executrix because she says they charge the estate every time someone calls them and she doesn't want to "waste" the money. I am a beneficiary with a strained relationship with the executrix and would like to verify what I am being told is correct.
We currently have 3 out of five properties on the market and are literally seeing NO action. The accountant is assessing our taxes based upon the highest appraisal of each property...even though they are listed at far below the assessed values and we still aren't getting offers. We are literally under the gun because we have a sizable tax bill due next month and will have to resort to obtaining a loan to pay it off (This is only after MUCH convincing that we can't simply get an "extension" to wait to pay the tax; according to the IRS website, an extension is just for filing paperwork and all monies are due nine months after the date of death. Please correct me if I am wrong).
1) Does the IRS ever refund tax if it is based on a much higher price than we actually receive?
2) Would the interest on the loan used to pay off the tax be deductible in any way?
3) If I were to retain an attorney to represent my interests, should it be a Florida attorney (I live in NH)?
4) (I know this is a long shot, but I have to ask) Is there a way to extend the time allotted by the IRS to pay the tax? Is there a special circumstance that we can apply for because the market is in the toilet? As it is, we would have to fire-sale several pieces in order to pay off the loan...which means that Uncle Sam ends up getting a significantly larger piece of the proceeds than what they should. We would not sell ANY of the properties until the market stabilized, if it weren't for this bill looming over us.
I appreciate any help or advice you can offer.
I have an unusual problem, and I thank you in advance for any advice. My father died with a rather large estate in May of 2006. Nearly all of it is real estate. We have several lawyers and accountants, but I have been refused their contact information by the executrix because she says they charge the estate every time someone calls them and she doesn't want to "waste" the money. I am a beneficiary with a strained relationship with the executrix and would like to verify what I am being told is correct.
We currently have 3 out of five properties on the market and are literally seeing NO action. The accountant is assessing our taxes based upon the highest appraisal of each property...even though they are listed at far below the assessed values and we still aren't getting offers. We are literally under the gun because we have a sizable tax bill due next month and will have to resort to obtaining a loan to pay it off (This is only after MUCH convincing that we can't simply get an "extension" to wait to pay the tax; according to the IRS website, an extension is just for filing paperwork and all monies are due nine months after the date of death. Please correct me if I am wrong).
1) Does the IRS ever refund tax if it is based on a much higher price than we actually receive?
2) Would the interest on the loan used to pay off the tax be deductible in any way?
3) If I were to retain an attorney to represent my interests, should it be a Florida attorney (I live in NH)?
4) (I know this is a long shot, but I have to ask) Is there a way to extend the time allotted by the IRS to pay the tax? Is there a special circumstance that we can apply for because the market is in the toilet? As it is, we would have to fire-sale several pieces in order to pay off the loan...which means that Uncle Sam ends up getting a significantly larger piece of the proceeds than what they should. We would not sell ANY of the properties until the market stabilized, if it weren't for this bill looming over us.
I appreciate any help or advice you can offer.