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Megan C
Megan C , Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16539
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Im the administrator handling heir property that had originally

Resolved Question:

I'm the administrator handling heir property that had originally been handled by a deceased uncle. There's income owed the estate, and I have been asked to complete a 1099. I do not want the income to be in my name as it would affect my taxes, and the income is to be used to pay taxes. What steps do I need to take to have the funds issued to the estate, but be able to use the funds to pay the taxes on the property?
Submitted: 2 years ago.
Category: Finance
Expert:  Megan C replied 2 years ago.

Megan C :

Thanks for your question, and thanks for using JustAnswer.com. You will need to get an EIN for the estate and have the 1099 issued to the estate.

Megan C :

You can file for an EIN by filling out form SS-4 or going online HERE and completing the application.

Megan C :

Then, using that EIN you would open up a bank account so that the check could be deposited directly to the estate. Then, you could pay tax out of that estate account.

Megan C :

This should get you where you can get the income into the estate.

Megan C :

Do you have any further questions about this matter?

Megan C :

If not, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Megan C :

Is there anything else you need assistance with?

Customer:

I just looked at the site for the EIN form. It states that there is no need in filing the form, we ask the questions, and the EIN will be sent. I didn't see any questions, or link to questions. Who will be asking the questions, and Is this site affiliated with the IRS?

Megan C :

The link I gave you is to the IRS directly.

Megan C :

So, the IRS is asking the questions and you are providing information directly to the IRS

Customer:

Megan, thanks you have been great..

Megan C :

You're welcome.

Megan C and 2 other Finance Specialists are ready to help you
Expert:  Megan C replied 2 years ago.
Thanks, Jessica for your positive rating. Please come back and visit me any time you have a question that needs answered. It was a pleasure working with you today.
Customer: replied 2 years ago.

I was not designated in any will or by the courts. I have been designated by the heirs to act on their behalf. All the heirs signed a POA granting me the authority to handle the rental payments for the estate. In reviewing the SS-4, I noted it asked info about my status as an administrator, representative, etc. The decedent, of the estate was my grandfather and he passed in 1942, and he did not have a SS number. The property is heir property, and has pretty much just passed down. What are my options?

Expert:  Megan C replied 2 years ago.
Thanks, Jessica for writing back. Basically, you will need to fill out the paper based SS-4 and provide this information to the IRS. The IRS won't let you get through the online form without having a SSN for the decedent. You are a representative of the estate.

Please let me know if you need anything additional. Thanks again for using JustAnswer.com