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My husband died in June, I know I am not responsible for…

Customer Question
My husband died in June...
My husband died in June, I know I am not responsible for debts in his name only, will I have to claim those debts as income when I file taxes for 2016?
Submitted: 6 months ago.Category: Tax
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Answered in 14 minutes by:
8/3/2017
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,394
Experience: Certified Public Accountant
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My name is***** am so sorry for your loss.

I will be happy to help you with your questions. What state do you live in?

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Customer reply replied 6 months ago
Live in oklahoma
Customer reply replied 6 months ago
Oklahoma
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

This should not be considered cancellation of debt income to you. Most states require a debtor to make a claim on the estate.

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Customer reply replied 6 months ago
But there is no estate. We have a house and a 14 year old car. That's it.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 6 months ago

I understand, the estate would have the cancellation of debt. ( Even though there is not an actual estate)

Next year you would file a joint return. The debts of your husband should not be considered income on this return. The income should not be reported in your husband's name.

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Mark Taylor
Mark Taylor
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