$26.95 
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
Defined contribution plan
A retirement plan that pays benefits based on contributions to individual accounts, plus accumulated earnings. Contributions are generally based on a percentage of salary or earned income.
