My mother and i have a joint savings account my mother passed away
does the money in the account become part of the estate
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
No. Ownership of a a joint account passes automatically to the surviving joint owner unless it can be proven that the account was set up as joint for purposes of convenience only by the decedent.
It depends on what year it is and whether they decedent has made any taxable gifts during his or her lifetime. Generally, if someone died in 2009, their estate is free of estate tax up to $3.5 million. In 2010, there is currently no estate tax at all, no matter what the size of the estate is. For 2011 and beyond, currently estates are taxable after the first $1 million.
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
Money received as a beneficiary from an estate is not considered taxable. Money that is left on behalf of an estate is an inheritance and is considered to be tax free.
No it is not considered taxable. As long as the reimbursement meets the current IRS standards, it is not considered income.
No. Ownership of a a joint account passes automatically to the surviving joint owner unless it can be proven that the account was set up as joint for purposes of convenience only by the decedent.
The estate will have to cash the savings bond in and then distribute the earnings.
The fee paid to the executor is considered taxable income.
The amount of taxable inheritance depends on the entire estate. If the amount of the estate that the 60,000 was inherited from is over 2 million dollars then the income is taxable. If the estate was worth less then that then there are no taxes on the estate.
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
The estate of the spouse is responsible. IF both are on the same checking account then the FULL amount of that checking account can be considered the spouses estate too. Even if the account is closed just prior or just after death, then the amount in the account months prior is still considered a portion of the estate.
It depends on what year it is and whether they decedent has made any taxable gifts during his or her lifetime. Generally, if someone died in 2009, their estate is free of estate tax up to $3.5 million. In 2010, there is currently no estate tax at all, no matter what the size of the estate is. For 2011 and beyond, currently estates are taxable after the first $1 million.
No. calculate the taxable estate of the deceased. Determine the estate tax the taxable estate. Add the gift taxes on lifetime gifts after 1976. This is the GROSS ESTATE TAX. Deduct the unified credit from the gross estate tax - this is the estate tax. If its, zero or less - there is no estate tax.
To the tax people there is nothing modest.... all monies must be declared.
Not necessarily Inherited money is not taxable, so the issue is not that it has already been taxed. The IRS does not consider it taxable income. On the other hand, any interest earned on the inherited money during administration IS taxable. That money is considered income and the estate must pay the income tax on it or the estate distributes that interest to the beneficiaries prior to the close of the estate and the beneficiaries have to declare that as income.