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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2309
Experience:  Certified Public Accountant
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My husband died in June, I know I am not responsible for

Customer Question

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: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

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?

Customer: replied 2 months ago.
Live in oklahoma
Customer: replied 2 months ago.
Oklahoma
Expert:  Mark Taylor replied 2 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.

Customer: replied 2 months ago.
But there is no estate. We have a house and a 14 year old car. That's it.
Expert:  Mark Taylor replied 2 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.