Legal Question in Wills and Trusts in California
My mother passed away. We had/have a $30000. checking account held jointly. She contributed all of the funds. Both of us live/lived in California. While there are no estate or inheritance taxes due, am I responsible to pay other taxes on this amount. What would they be? If so what would the amount that would be my basis? Thank you
Asked on 7/10/10, 2:07 am
1 Answer from Attorneys
George Shers
Law Offices of Georges H. Shers
Since it was a joint account, your mother basically made a gift to you. So there should be no additional taxes. You would report it as being a gigt on the Federal and State tax forms, but it does not increase your AGI [look at the form to confirm].
Answered on 7/10/10, 6:36 am
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