Legal Question in Wills and Trusts in New York
My mother had life insurance-my father being beneficiary. When my mother passed away, the life insurance proceeds had to go into my mom's estate account since my father passed away prior to my mom. I, being the executor, split the life insurance proceeds-half going to myself and half going to sibling in year 2017. There were interest accrued on the policy with which was was included in the proceeds given to us. My mother had no other funds deposited into her estate acct. Do I have to complete a 2017 tax return for my mother for the interest earned on the policy or does my sister and I include that in our own tax returns since we received the funds split evenly. I have no idea who should file that interest income? The interest is very small-no more than 200.00 total..
1 Answer from Attorneys
Include the interest on your personal returns.
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