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hwsims01
New Member

Just got a 1099-misc for my deceased partner's unused vacation time. As the beneficiary do I have to pay taxes on this? And how is it legal for them to wait until April 12th to send me this form?

 
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bwa
Alumni
Alumni

Just got a 1099-misc for my deceased partner's unused vacation time. As the beneficiary do I have to pay taxes on this? And how is it legal for them to wait until April 12th to send me this form?

As the beneficiary do I have to pay taxes on this?

Yes, it's called income in respect of a decedent and is reported by you the same as if your partner received it.

And how is it legal for them to wait until April 12th to send me this form?

It should have gone out by January 31, but the fact that it didn't has no effect on it being taxable to you.

View solution in original post

2 Replies
bwa
Alumni
Alumni

Just got a 1099-misc for my deceased partner's unused vacation time. As the beneficiary do I have to pay taxes on this? And how is it legal for them to wait until April 12th to send me this form?

As the beneficiary do I have to pay taxes on this?

Yes, it's called income in respect of a decedent and is reported by you the same as if your partner received it.

And how is it legal for them to wait until April 12th to send me this form?

It should have gone out by January 31, but the fact that it didn't has no effect on it being taxable to you.

View solution in original post

hwsims01
New Member

Just got a 1099-misc for my deceased partner's unused vacation time. As the beneficiary do I have to pay taxes on this? And how is it legal for them to wait until April 12th to send me this form?

Thank you, that was helpful.  Can I borrow $11,000?
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