Quote:
Originally Posted by chinaco
I am a POA for my parent. Currently I am selling some personal property that will probably have a capital gain (some collectibles) for her. The proceeds will be used for health care. If she passes, it will go to the estate. Of course, there is a contract in her name for these sales and I am signing for her as the POA.
She will owe some taxes.
My question is. Am I liable in any way for any of her obligations... for example will the tax obligations be hers or am I somehow responsible.
|
Where's Martha? With the POA you are acting on behalf on the person you are POA for. POA language pretty much states you are signing to act in the "best interest" of the person you're representing.
I suppose, as a legal representative of the assets, you could be sued for NOT acting in the best interest of the person you are POA for, but their debts are their debts, not yours. However, if they are trusting you to pay income tax, and you don't file, the IRS could include you as a party to the tax evasion...........
