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FAQ

What is a final accounting in probate?

The final accounting will list the basic information that was in the inventory, and will set forth the total amount of funds received and total disbursements, including the distribution to the beneficiaries. It also will list the sale of any assets that were listed in the inventory.

What is an accounting for an estate?

As an estate executor, you are responsible for filing the accounting report to settle the estate. The process culminates in the \u201cfinal accounting of the estate,\u201d which is basically a business-type financial statement that itemizes the estate finances.

How do I close an estate with the IRS?

Executors can either request an estate closing letter to be issued to the address of record by calling 866-699-4083 and providing the name of the decedent, his/her Social Security number, and the date of death.

Who pays property taxes while in probate?

But property taxes are still owed even if the property is in probate. The estate of the decedent is responsible for the taxes until an order for distribution is given and then those who inherit the property must pay the taxes.

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