$19.95 
Learn more
Submitted By: someone
Answered: October 28, 2021 1:18 am
Answered: October 28, 2021 1:18 am
My spouse inherited a $30,000 bank account from her sister-in-law. Do we owe taxes on this?
Inheritances are tax free, regardless of amount. However, if the account starts to earn interest, your spouse must pay tax on the interest from the date of the inheritance.
advertisement
Featured Books
Tax Glossary
Head of household
Generally, an unmarried person who maintains a household for dependents and is allowed to compute his or her tax based on head of household rates, which are more favorable than single person rates.
