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Joined: Jul 2011
Posts: 3,621
Forum Guardian
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Forum Guardian
Joined: Jul 2011
Posts: 3,621 |
No, not as a general rule I dont think. For probate you have to fill in debts owned by the deceased , to be taken into account as going out from the estate before its assessed for tax.
Some taxes die with you though, like Capital Gains Tax.
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Joined: Oct 2011
Posts: 300
Old Hand
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Old Hand
Joined: Oct 2011
Posts: 300 |
If your assets are disposed after death there is no capital gains tax to pay but if you suffered capital gains tax prior to death the estate has to pay the tax.
Other debts come out of deceased estate after funeral expenses if nothing left family do not have to pay the debts which is were the misunderstanding that your debts die with you comes from.
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Joined: Nov 2003
Posts: 21,269 Likes: 4
Wiki Master
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OP
Wiki Master
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Posts: 21,269 Likes: 4 |
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Joined: Jul 2013
Posts: 4
Beginner
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Beginner
Joined: Jul 2013
Posts: 4 |
The executor of the will decides on whether the debts are valid, if so they are paid from the assets of the estate.
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More Bins
by diggingdeeper - 19th Jul 2024 11:05am
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