shared checking account/one dies/does the other have to pay taxes on this money?

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shared checking account/one dies/does the other have to pay taxes on this money?

2007-05-08 01:57:15 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States

3 answers

no,

2007-05-08 02:19:27 · answer #1 · answered by Jo Blo 6 · 0⤊ 0⤋

Taxes should have been paid before the money deposited. Now if it an IRA or some Tax deferred account, in time someone has to pay the Taxes. If, it a joint account like a regular account for writing checks, it not taxable, you already paid taxes.

2007-05-08 02:06:30 · answer #2 · answered by Snaglefritz 7 · 1⤊ 0⤋

No. Contents of account belong to survivor.

2007-05-08 02:23:10 · answer #3 · answered by acmeraven 7 · 0⤊ 0⤋