Joint account w/deceased parent

[Echo1999]

I was on a joint account with my dad & took over the account this past July after he died. Do I have to file a taxes for taking over the account? I'm unsure of how to proceed. I'm in WA state. Thank you for your time. 

[CatinaT1]

What kind of account are you referring to?

[Echo1999]

Joint Bank Account.

[JulieS]

No, you don't have to report the amount as income unless it was in a tax-deferred account like an IRA. 

If that were the case you would receive a 1099-R letting you know how much income is taxable. A regular joint bank account is not a tax-deferred account.

You can receive up to $12.06 million in 2022, without having to pay estate tax, although some times there is an estate or trust to settle a deceased person's affairs.

The majority of inheritances are not taxed and not reported on your tax return. Here are some examples of things you don't have to report:

• Cash.
• Life insurance.
• Personal items like furniture, clothing and jewelry.

Here are some things you only report if you sell them:

• Inherited stock.
• Inherited real estate.
• Personal items like furniture, clothing and jewelry.
• Collectibles like artwork, coins or baseball cards.
• Vehicles.

Here are some things that must be reported on your tax return:

• Inherited retirement accounts (distributions are taxable when taken).
• Social Security death benefits.
• Pension death benefits.
   

I am very sorry for your loss. If you need additional help with this matter, please reach out to us again. 

[Echo1999]

 The bank employee mentioned that I would owe tax but she could have been mistaken. The account has accrued very little interest. I know if I was listed as POD instead of joint it would have been a better situation but it couldn't be done.  Thank you for your answer. I hope there isn't something that pops up because of this but I don't want to just call the IRS and start something either.