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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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My sister died in October,2015. She had me listed as co-ower

Customer Question

My sister died in October,2015. She had me listed as co-ower on her ***** *****
account in order to pass on to her children at the proper time. Only her name and
tax number are on the 1099s. I was never involved with the taxes on her account
which is now only in my name and passed into my portfolio. I have attempted to
remove her name from the asset, but at this point her name remains in top position.
I have no 1099s from this account in my name or number. Upon whom does the
responsibility lie, at this point, to pay taxes on the account--my brother-in-law or me?
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
I am sorry about the loss of your sister.It seems that while you name were listed on that account as a joint holder - you had NO ownership on assets held in that account.All assets were owned by your sister - and included into her estate.All income received BEFORE her death is reported on her final tax return,but all income credited to that account AFTER her death is classified as income in respect of the decedent (IRD) and is taxed either for the estate or for beneficiaries.Whoever is the executor of her estate should prepare the income tax return for teh estate (form 1041) and include that income Then income is distributed to beneficiaries - and reported on K1 statements.That would be the proper way of actions.
Expert:  Lev replied 7 months ago.
Whoever is the executor of her estate should prepare the income tax return for teh estate (form 1041) and include that incomeThen income is distributed to beneficiaries - and reported on K1 statements.That would be the proper way of actions..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you will all tax related issues.