Want this question answered?
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.
depends where you live
A statement of money received and paid with a balance is an account.
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
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.
It is possible that you could have some taxable income in the amount that you receive from the bank account.
depends where you live
Example sentence - She was surprised to learn the money she received for spousal support is taxable income.
No, the money isn't taxed because it is already in the hands of the people on the account. As a person on the account you only need to withdraw the money.
Not only money received but also debts forgiven from credit cards, car loans, etc. Any and all debts forgiven or wiped away through bankruptcy courts are taxable as income.
No, you already paid tax on the money you used to pay taxes, you just paid too much of it, and therefore it is not taxed again. State tax refunds, when they are used as a deduction from federal taxable income, gets the opposite result - they are federally taxable<a href="http://www.acalculator.com">.</a>
Its income
The interest that is earned on bank accounts is taxable yearly.
A statement of money received and paid with a balance is an account.
The government will take any money they can from you so I would say that they will tax it. You can thank Obama for that.
My mother and i have a joint savings account my mother passed away does the money in the account become part of the estate