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Get your taxes done using TurboTax
@myTax wrote:
Should 1099-INT form, from the bank for $10.74 be reported as interest under her mom's estate and not hers ? (not on the beneficially 1040 income tax return)
2) Does POD bank account bypasses estate account altogether and becomes owned by the beneficially immediately after owner's death since it avoids probate ?
My mother passed away this summer as well.
Interest paid prior to the date if death is the account owners interest and goes on the deceased final tax return. Interest paid after the date of death is the estates or beneficiary of the account (if the bank account was a joint account or had a named benificuary) and goes on the estate or beneficiaries tax return.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
‎November 3, 2019
12:30 PM