Taxes Owed on POD money

Oct 5th, 2009, 10:35 AM

I recently inherited $25,000 from my aunt on a bank account listed as payable on death to me. Will I owe any state or federal taxes on this money? It was in a CD and my aunt was paying the taxes on the interest on this money for about 15 years. Thanks!

Oct 6th, 2009, 09:47 AM

Yes, you will end up paying taxes as the IRS regards this as income.

Oct 6th, 2009, 11:18 AM

I don't know about that, maybe you will not have to pay taxes on that??

My aunt did not pay on a similar situation this summer?? She was told she didnt have to.

Oct 7th, 2009, 09:33 AM

Can you explain the particular circumstances in which she did not have to pay? Perhaps the amount she inherited was small enough to allow an exemption? Perhaps she was a joint account holder?

I am interested in learning what the scenario was in your aunt's case. Who told her that?

Oct 5th, 2009, 10:35 AM	#1
Unregistered Guest Posts: n/a	Taxes Owed on POD money I recently inherited $25,000 from my aunt on a bank account listed as payable on death to me. Will I owe any state or federal taxes on this money? It was in a CD and my aunt was paying the taxes on the interest on this money for about 15 years. Thanks!

Oct 6th, 2009, 09:47 AM	#2
Unregistered Guest Posts: n/a	Re: Taxes Owed on POD money Yes, you will end up paying taxes as the IRS regards this as income.

Oct 6th, 2009, 11:18 AM	#3
Unregistered Guest Posts: n/a	Re: Taxes Owed on POD money I don't know about that, maybe you will not have to pay taxes on that?? My aunt did not pay on a similar situation this summer?? She was told she didnt have to.

Oct 7th, 2009, 09:33 AM	#4
Unregistered Guest Posts: n/a	Re: Taxes Owed on POD money Can you explain the particular circumstances in which she did not have to pay? Perhaps the amount she inherited was small enough to allow an exemption? Perhaps she was a joint account holder? I am interested in learning what the scenario was in your aunt's case. Who told her that?

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Taxes Owed on POD money

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