What taxes are there to be paid?

At the time of filing the will the probate tax must be paid. (Generally $1.00 state probate tax and .33 cents local tax, if applicable, per $1,000.00 value of the estate)

State Taxes

  • The final income tax return of the deceased must be filed.
  • The final personal property tax return of the deceased must be filed.
  • An income tax return for the estate (income coming to the estate after death) must be filed if there is sufficient income.
  • A Virginia estate tax return must be filed if required (generally only required if a federal estate tax return is necessary.

Federal Taxes

Just as for state, the decedent’s final federal income tax return, estate income tax return, and estate tax return must be filed if required. Generally estate taxes (both federal and state) are due only if the gross estate (includes life insurance and survivorship property not handled by fiduciary) exceeds certain thresholds. Consult the IRS or Virginia Department of Taxation

Show All Answers

1. What is probate?
2. Where should the will be probated?
3. What does dying "testate" or "intestate" mean?
4. Who inherits the property of an intestate (person dying without a will)?
5. Is the appointment of an executor or administrator and formal administrator and formal administration of an estate always required?
6. When should I probate the will or if there is no will seek to be appointed administrator?
7. What should I take with me to probate a will or qualify on an estate?
8. Who will be appointed by the court as executor or administrator?
9. What are the basic duties of an executor or administrator?
10. What taxes are there to be paid?
11. Is an executor or administrator compensated?
12. Where can I go for more information or answers to specific questions?