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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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My mother recently died and there is approx. $60 thousand remaining

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My mother recently died and there is approx. $60 thousand remaining in her bank account. I am the co-signer. I wish to split the money with my brother when all expenses covering her interment have been paid. Since I only wish to pay taxes on the amount of money I inherit, what is the best method of indicating (to the IRS) that half went to my brother?
Submitted: 6 years ago.
Category: Tax
Expert:  Lev replied 6 years ago.

There is no inheritance taxes on the federal level.


As a recipient of an inheritance - you do not need to claim it as your income. Please see for reference IRS publication 525 page 33 -



Only if the money are in tax deferred account - 401k, IRA, etc - the distribution might be a taxable income.

Otherwise - your only taxable income would be the interest credited on the account after your mother died.


Let me know if you need any help.



Lev and other Tax Specialists are ready to help you
Customer: replied 6 years ago.
Thank you. XXXXX has no income tax, I assume that the inheritance (no interest accrued) does not have to reported at all.
Expert:  Lev replied 6 years ago.

You are correct - there is no income tax liability.

Washington does have estate tax, but your mother's estate is not above the

$2,000,000 limit -


Let me know if you need any help.