Estate and Descendent Accounts Taxes

Here's a quick source of things to look at when dealing with a deceased person without a will (intestate).

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deceased-Taxpayers-Understanding-the-General-Duties-as-an-Estate-Administrator

*Executor of the estate has to file every year that wasn’t previously filed.

*If assets of the estate produce income more than $600 then you must file a 1041

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Deceased-Taxpayers-Filing-the-Estate-Income-Tax-Return-Form-1041

*IRS can help by sending copies of w-2s and 1099s from taxable years. See link

who becomes executor of estate in Colorado when there is no will?

http://blog.bradfordpublishing.com/probate/probating-estate-colorado/

*In CO, we use the term ‘personal representative’ instead of executor

*If none of the heirs opens a probate within 45 days after the decedent died, any creditor of the decedent can open a probate proceeding and become appointed personal representative. - See more at: http://blog.bradfordpublishing.com/probate/probating-estate-colorado/#sthash.zU4IgVwp.dpuf

Should proceed to lawyer who specializes in probate law.

Colorado’s Interstate Succession Law

http://www.nolo.com/legal-encyclopedia/intestate-succession-colorado.html

IRS calls Taxes owed before death ‘Descendent Accounts’

http://www.irs.gov/irm/part5/irm_05-005-001.html