Legal Question in Wills and Trusts in Virginia
Probate and joint ownership bank accounts
My father died this past April and I and my sister were joint owners to his savings accouts. Can I transfer the funds from the account which I'm joint owner with out having to add this as income on my next tax return?
Asked on 8/05/02, 11:48 pm
1 Answer from Attorneys
Thomas DeCaro
DeCaro & Howell PC
Re: Probate and joint ownership bank accounts
There is no income tax to be paid on the principal
taken from a joint bank account on the death
of the primary owner. Interest earned after
the death of the primary owner is taxable to the
beneficiary. Interest earned before the death of
the primary owner is taxed to the primary owner
on the final tax return.
Answered on 8/07/02, 11:55 am
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