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Have a bank acct. w/my dad. He sold his house, funds will go into this account. Is this income for me? Would this be an inheritance if something happens to him? In CA.
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Funds from the Sale of your dad's property going into a joint account with you would NOT be counted as your income if you are not a part owner of the home. It is your father's transaction and during his closing process (sale process) the proper documentation regarding the buyers/sellers will be completed. Please see the below link for some helpful information regarding home sales for your dad:
https://ttlc.intuit.com/replies/3300213
To determine if this money would be classified as an inheritance in the unfortunate event of his passing, you should contact an attorney.
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