Joint Checking Account Taxation Question

[minotaur]

My mother passed away. We have a $30,000. checking account held JOINTLY. She contributed all of the funds. Both of us live/lived in California. While there are no estate or inheritance taxes due, am I responsible to pay other taxes on this amount? What would they be? If there is tax due, what would the amount that would be my basis? Thank you

 

[army judge]

My mother passed away. We have a $30,000. checking account held JOINTLY. She contributed all of the funds. Both of us live/lived in California. While there are no estate or inheritance taxes due, am I responsible to pay other taxes on this amount? What would they be? If there is tax due, what would the amount that would be my basis? Thank you

You owe no taxes on monies held in a joint checking account upon the passing of the other party. The proceeds of a joint account are not subject to probate, as they become the property of the surviving party upon the passing of one of the joint owners. Taxes have already been paid on the funds in the account.



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[minotaur]

Thank you very much for your fast reply..........