Legal Question in Wills and Trusts in Florida
if your name was on a joint savings account with your last surviving parent and that person died would you be required to pay income tax once the money became yours
Asked on 9/27/10, 6:01 pm
2 Answers from Attorneys
Latangie Williams
Law Office of Latangie Williams, P.A.
No, you are not required to pay income tax on those funds.
Answered on 10/03/10, 4:39 am
Lucreita Becude
Lucreita D. Becude, P.A.
Being on the same account, no. This is not considered an inheritance as you are part owner of the account. Also, Florida does not have an inheritance tax.
Answered on 10/04/10, 6:55 am
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