My parent is recently deceased. My sister and I recieved the liquidation of her money market account ($40,000). She received a 1099 from the account. We received nothing from them. Who pays the tax on this money since she is deceased?
1 Answer from Attorneys
Based on the limited information provided in your question, please realize that you may have received the money market funds as a POD (Payable on Death)beneficiary.
Likely, her estate is responsible for any taxes; the 1099 should be handled by the executor or personal representative of her estate. If you did not receive a 1099, you likely have no tax liability related to such payment. The issues should be discussed with her tax preparer, attorney, or other person familiar with her will, living trust, or other estate plan.
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