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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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My father died leaving 3 bank accounts. 2 list my sister ...

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My father died leaving 3 bank accounts. 2 list my sister as a joint owner and the 3rd lists me. My father left a will dividing all assets split three ways with my brother and sister. He had no other assets except for the bank accounts. We want to combine the 3 accounts after all bills are paid and split it three ways. What are the tax implications? Since my brother is not on any of the accounts is there a problem writing him a check for 1/3 which may be around $40K? What are our tax implications?
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.
HelloCustomer

In the US, there is really no such thing as "inheritance" tax. Instead, taxes are placed on the estate of the deceased if the estate exceeds a certain value. That value is currently set at $2 million, so it sounds like your father's estate would probably be exempt from estate taxes. Someone will, however, have to file a final tax return on behalf of your father and pay any taxes he may have owed for the year he passed away, or claim a refund on his behalf if one is due.

Since your father had a will, there is no problem for you to combine his accounts and divide the money equally among the siblings. There will be no federal tax due on any of the income distributed to the heirs.

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Thank you.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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