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My husband passed away quite suddenly and unexpectedly October 31st.?

Answers:1   |   LastAnswerAt:2009.12  

Asked at 2009.12.18 23:47:00
How in the world do I have the taxes for 2007 done without ANY KNOWLEGE of what he made in 2007?? I need an expert on taxes to answer this question!
answer Jim Kirby, CPA/PFS, CFP, CFS  Answered at 2009.12.18 23:47:00
Your husband probably appointed a personal representative in his will or, if he didn't, you may be his personal representative under your state's law. If you are his personal representative, you have access to his banking records. You can obtain copies of all bank statements, checks and deposits for 2007. From that, you can probably put together a reasonably accurate income tax return. I would also look at the prior year's Schedule C to see if what you are coming up with this year seems reasonable.

If you can't get that information, your obligation is to file using your best estimates. You have access to your own banking records (bank statements, deposit records, cancelled checks, etc.). From those, you can determine how much money your husband transferred from the business into your bank accounts. If other information is not available, that is the amount I would recommend that you report as earnings from self employment on his Schedule C (Assuming that the business was not an entity like a Corporation, etc.). The IRS will be understanding if you have done all that you can to obtain the records.

Good luck.

Jim Kirby, CPA/PFS, CFP, CFS
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