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.

Read more
Answered on 8/07/02, 11:55 am


Related Questions & Answers

More Probate, Trusts, Wills & Estates questions and answers in Virginia