$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
At-risk rules
Rules limiting loss deductions to cash investments and personal liability notes. An exception for real estate treats certain nonrecourse commercial loans as amounts “at risk.”
