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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.
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Tax Glossary
Points
Charges to the homeowner at the time of the loan. A point is equal to 1 percent. Depending on the type of loan, points may be currently deductible or amortized over the life of the loan.
