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Get your taxes done using TurboTax
@barbsmith35 consult a professional. That $40K in additional taxes could subject you to substantial understatement penalties.
For individuals, understating your tax liability by 10% of the true amount or by $5,000, whichever is higher
The substantial understatement penalty amount is calculated using the value of the amount understated on your tax return. The penalty equals 20% of the amount that was underpaid.
then there are other penalties for late payment and interest charges.
whether or not you can take any action against the executor is a matter you'll have to discuss with a lawyer.
May 17, 2024
9:10 PM