If mom died and left $50K bank account, which named her 2 adult children as equal beneficiaries and no estate, does mom's tax need to include form 709?

[ska_tango]

Mom did not leave any estate other than $50K bank account. Mom never made any gifts before, so she has full exclusion. Each kid inherited $25K. Is there any need for anyone to fill out form 709?

[fanfare · Accepted solution]

You would not report this on any forms or tax returns. Your inheritance is not taxable.
however, any interest income earned on that money after her death is your taxable income.

[fanfare]

I would expect the bank has sent each of you a 1099-INT for any 2016 interest.