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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28273
Experience:  Taxes, Immigration, Labor Relations
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My father has Charles Schwab Investment account and my name

Customer Question

My father has Charles Schwab Investment account and my name has been on the account with his for years. When he passes away is this automatically mine and will any taxes be due?
Submitted: 10 months ago.
Category: Tax
Expert:  Lev replied 10 months ago.
If you are a joint owner - yes - you may use that account after your father's death.You might need to provide teh death certificate to Charles Schwab and have them to remove your father's name - so all earning will be reported to the IRS in your name and your SSN.
Expert:  Lev replied 10 months ago.
.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 with all tax related issues.