mac20coaching
Level 3
04-26-2020
12:31 PM
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Best Answer Click here
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sjrcpa
Level 15
04-26-2020
12:42 PM
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If the taxpayer guaranteed the debt or cosigned for it, yes.
Otherwise it becomes a liability of the estate only.
The more I know the more I don’t know.
mac20coaching
Level 3
04-26-2020
12:48 PM
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Thank you again!!
sjrcpa
Level 15
04-26-2020
01:49 PM
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YW
The more I know the more I don’t know.
BobKamman
Level 15
04-26-2020
01:52 PM
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"Claimed as a dependent" is a red herring here. The taxpayer who claimed the exemption is likely a beneficiary of the estate. The decedent could have had assets, as well as debt. Follow the assets -- if they end up with someone before the debts are paid, the recipient may very well be liable, regardless of what happened on a tax return.
