Two people on a cd, one dies, does the other have to pay taxes on the inheritance?
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my mother passed away and had a cd in her and my name, do i have to pay taxes on this?
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Answer:
No. First you did not receive an inheritance, the cd belonged jointly to both of you. Also, inheritance tax is not due on the first $500k you inherit.
Sam Barber at Yahoo! Answers Visit the source
Other answers
No, not on the principal amount as it is already your money. Any interest earned will have to be reported and taxes paid by whoever.
No you do not pay inheritance tax unless the amount brings her estate to 1 million You will owe income tax on all interest earned.
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