Legal Question in Tax Law in New York

unclaimed funds taxable

Recently received $7100 from NYS unclaimed funds office. It was money due my stepfather (deceased). His estate went to my mother (now also deceased - I was her executrix) and I and my sister shared equally in her estate.

Will I owe taxes on the $7100? Want to be sure to hold money back if I do before I write my sister a check. Thank you.


Asked on 6/21/07, 3:30 pm

1 Answer from Attorneys
Norman Nadel Norman Nadel, Esq.

Re: unclaimed funds taxable

INCOME TAX MAY BE PAYABLE IF THE MONEY YOU COLLECTED WAS INCOME (INTEREST, DIVIDENDS, ETC.). THE DISTRIBUTION FROM AN ESTATE IS NOT TAXABLE. I ASSUME THAT THERE WILL BE NO ESTATE TAX.

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Answered on 6/21/07, 8:49 pm


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