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Level 1

Question

Inheritance

1 reply
10 views

1)If I inherit CD’s POD , do I claim this on my tax form?

2)If I inherit treasury bonds, POD?

Level 15

Generally, you do not claim the cash principal of an inheritance on your federal tax form, because the IRS does not treat inheritances as taxable income. A Payable on Death (POD) designation helps the asset bypass probate, but it does not change the core tax rules.

However, you will likely have to report and pay taxes on any interest earned by these assets.