Question

Are there taxes for claiming money from my deceased parent? I was listed as a beneficiary on her bank account when she passed. Will there be any taxes due later on?

Forum|Forum|3 years ago
August 3, 2022
1 reply
0 views

Before my parent passed, they listed me as a beneficiary on their bank account. I did all that, and I'm being told that when the fiscal year is over, the government is going to charge interest on something because I claimed the money and put it into my savings. Can someone please explain if this is the case for this situation? My parent didn't leave an official will to cover anything.

TurboTax Deluxe Online

VolvoGirl

Employee

No. Cash is not taxable. You might have some bank interest to pay tax on. You will get a 1099INT at the end of the year for any interest they pay you over $10. Was it just a regular bank account or was it in a IRA account?

L

ladylink22Author

It was a regular bank account. They gave me a check for the total amount in that bank and I put a good sum of it in my savings. Is the 1099INT going to come from my bank, my mom's bank or anywhere else that's going to charge me the interest? Would it help me just to take that money out of my savings?