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June 6, 2019
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If mom died and left $50K bank account, which named her 2 adult children as equal beneficiaries and no estate, does mom's tax need to include form 709?

  • June 6, 2019
  • 1 reply
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Mom did not leave any estate other than $50K bank account. Mom never made any gifts before, so she has full exclusion. Each kid inherited $25K. Is there any need for anyone to fill out form 709?

    Best answer by fanfare

    You would not report this on any forms or tax returns. Your inheritance is not taxable.
    however, any interest income earned on that money after her death is your taxable income.

    1 reply

    fanfare
    fanfareAnswer
    Employee
    June 6, 2019

    You would not report this on any forms or tax returns. Your inheritance is not taxable.
    however, any interest income earned on that money after her death is your taxable income.

    fanfare
    Employee
    June 6, 2019
    I would expect the bank has sent each of you a 1099-INT for any 2016 interest.