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Joint bank account

My wife was added to her grandfathers joint back account and later on passed away. She now gets to keep the money. Does she have to pay taxes on this?
2 Replies

Joint bank account

Does she have to pay taxes on this?

No.  Since she was a joint owner of the account the funds in the account are hers.  It is not taxable income.

Joint bank account

Any interest earned will need to be reported on someone's tax return ... the grandfather's until his passing then your wife's after that ... the bank should be able to separate the amounts if you told them of his passing timely and had his name & SS# removed from the account as required.
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