Legal Question in Tax Law in Massachusetts

My father passed away in 2011 and he had a ITF bank account with me as the benficiary. I haven't as of yet transfered the account into my name. Am I still obligated to pay taxes on the interest that has been collecting over the past 2 years in the account?"


Asked on 4/03/13, 7:22 pm

1 Answer from Attorneys

Yes, as of the date of death the money and the interest paid on it became income to you. You should include the interest in your income and pay the tax.

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Answered on 4/04/13, 11:26 am


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