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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16544
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

This answer was rated:

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?

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 3 other Finance Specialists are ready to help you
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?

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