Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-05-2017, 07:14 PM
Junior Member
 
Join Date: Jul 2017
Posts: 2
Taxes owed on bank account inheritance?

Hello,

My wife passed away and her bank savings account ($42,000) was transferred to me as I was the sole heir. I live in California but she was living in Oregon at the time, the bank is based in Oregon as well. I am unclear on what Federal and/or State taxes I may owe on this?

Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 07-06-2017, 12:34 AM
Moderator
 
Join Date: Oct 2010
Posts: 4,836
No fed/state taxes you owe; Money inherited is not taxable income under Section 102 of the Internal Revenue Code in the case of state rules,depending on your relationship to the decedent, you may receive an exemption or reduction in the amount of inheritance tax you must pay. For example, most states exempt a spouse from the tax when they inherit the property from another spouse



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 07-06-2017, 01:02 AM
Junior Member
 
Join Date: Jul 2017
Posts: 2
That's surprising but welcome news. Thank you wry much for your help.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Applicable Tax form with Bank account application neeraj523 C-Corporation 0 12-19-2014 02:46 AM
Gift tax issues on joint bank account ? jshtaxqs Miscellaneous 1 09-12-2014 07:26 AM
Do I need to report interest income from my daughter's bank account ojaitax Income 1 04-12-2013 08:42 PM
S corporation dissolved / final tax return and business bank account ? rurouni S-Corporation 0 12-31-2010 01:27 AM
IRS requires taxpayers report whether or not they have a Foreign Bank account! TaxGuru For 2008 0 05-05-2008 06:21 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning