Do I have to file my inheritance tax return myself or can I have a tax advisor do it for me?
January 28, 2024 | 40,00 EUR | answered by Wilhelm Ackermann
Dear Tax Advisor,
My name is Hildegard Hohenwarter and I am faced with the challenge of having to submit my inheritance tax return. My father recently passed away and left me an inheritance that I now have to declare for tax purposes. I am unsure whether I can do the inheritance tax return myself or if I should seek the help of a professional tax advisor for this.
I have no experience with preparing tax returns and I am unsure if I can provide all the relevant information correctly. Furthermore, I am concerned that I may make mistakes that could lead to financial disadvantages for me. Therefore, I am looking for a solution that allows me to submit the inheritance tax return correctly and on time without taking any risks.
Could you please advise me on whether it is advisable to prepare the inheritance tax return myself or if it is recommended to seek the help of a tax advisor? If the assistance of a tax advisor is recommended, could you also provide me with information on the costs and the process of such collaboration?
Thank you in advance for your support and I look forward to your response.
Sincerely,
Hildegard Hohenwarter
Dear Mrs. Hohenwarter,
Thank you for your inquiry regarding the inheritance tax declaration following the passing of your father. First and foremost, I would like to offer you my sincere condolences on the loss of your father. It is understandable that you are concerned about the tax aspects of the inheritance during this difficult time.
Preparing an inheritance tax declaration can indeed be a complex matter, especially if you have no experience in filing tax returns. It is important to provide all relevant information accurately, as errors can lead to financial disadvantages. Therefore, it is advisable to seek the assistance of a professional tax advisor to ensure that the inheritance tax declaration is filed correctly and on time.
An experienced tax advisor can help you gather all necessary documents, capture relevant information, and complete the declaration fully and accurately. Additionally, a tax advisor can assist you in taking advantage of potential tax optimization opportunities and ensure that you do not pay unnecessarily high taxes.
Regarding the costs of hiring a tax advisor for the inheritance tax declaration, it may vary depending on the scope of work and the specific tax advisor. Many tax advisors offer flat rates based on the value of the inheritance or an hourly rate. It is recommended to contact various tax advisors in advance and inquire about their fee structures to find the right offer for you.
The typical process of working with a tax advisor on the inheritance tax declaration is as follows: After an initial consultation to clarify your individual situation, the tax advisor will gather all necessary documents and information from you. They will then prepare the inheritance tax declaration and discuss it with you. After your approval, the tax advisor will submit the declaration to the tax authorities and handle communication with them.
Overall, I recommend seeking the assistance of a professional tax advisor to ensure that your inheritance tax declaration is filed correctly and on time. This can not only save you time and stress but also help you take advantage of potential tax benefits and avoid financial disadvantages.
I hope this information has been helpful to you and I am available to assist you if you have any further questions.
Kind regards,
Wilhelm Ackermann, Tax Advisor
