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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10164
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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When can taxes be paid Estate in Texas? The attorney is

Customer Question

When can taxes be paid for an Estate in Texas? The attorney is saying it must wait until January. That doesn't seem right.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
Got this question answered. No need to respond.
Expert:  Lane replied 1 year ago.

Hi,

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I just signed on saw your question. I can help.

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The answer depends on the tax year for the estate.

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It sounds like the estate has a calendar year.

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If so, that would be true. (Just as we can't pay OUR tax until the tax year is up).

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As an example; what if you lost your job in July and didn't plan on working any more, and then tried to go ahead an pay your taxes in August.

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IRS would send your check back... For all THEY know nyou ARE going to have more income before the year is up that should go on that year's taxes.

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Or think of it from the TAXPAYER'S perspective; What if you received a check for unused vacation pay, in December, from your previous employer.

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We (nor estates) can pay taxes until we know how much income we had for the year.

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Hope this helps

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Let me know if you have questions

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Lane

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Expert:  Lane replied 1 year ago.

Hi,

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Just checking back in to see if you saw my answer.

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One thing you might do is as the executor or other fiduciary of the estate what the "tax year" of the estate IS. When the first 1041 is done, they can ask for a "fiscal year," rather than a calendar "year." This would be the only reason that they might NOT have to wait until January

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And one final point; it IS possible to distribute assets physically to you, especially if these are assets that don't produce income, before the estate is closed. So if that's the issue here, you can certainly ask that assets that should be coming to you be distributed, especially if there were specific bequests to you.

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Let me know if you have questions...

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Lane

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If this HAS helped, and you don't have additional questions on this, I'd appreciate a positive rating (by clicking the stars or smiley faces on your screen) ... that's the only way I'll be credited for the work here)

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