Submitted By: someone
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

Depreciable property

A business or income-producing asset with a useful life exceeding one year.

More terms