Confusion Over Inherited Money
This is a discussion on Confusion Over Inherited Money within the Wills, Trusts, Estates forum, part of the FAMILY LAW, DIVORCE, CUSTODY category; Is inherited money from a bank account considered income by the IRS and therefore taxable? Interest earned in bank accounts ...
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Oct 7th, 2009, 10:22 AM
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Confusion Over Inherited Money
Is inherited money from a bank account considered income by the IRS and therefore taxable? Interest earned in bank accounts is taxable to the owner of the account during that person's lifetime. Does the person inheriting the money pay taxes on it at all? Either the enitre amount, just the interest, or none at all? Thank you for clearing this up for me.
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