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KJL LAW, Lawyer
Category: Estate Law
Satisfied Customers: 1527
Experience:  Attorney at law Office of KJLLAW
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I was wondering if it was illegal bank to report interest

Customer Question

I was wondering if it was illegal for a bank to report interest income for a deceased person whom left the property to his beneficiaries. They did the right thing by deeding the property in their names jointly, fee and simple, gave a copy to the bank as instructed and the bank didn't honor said deed. Instead the only thing they did was add the beneficiary to the existing loan.
Submitted: 1 year ago.
Category: Estate Law
Expert:  KJL LAW replied 1 year ago.
Good morning. If they issued the interest statement for the time frame for the year of or prior to transfer then it is legal. It is important check the year of issuance of the interst statement. In cases such as this you would need to consult an accountant to determine if the interest statement was issued in the proper time frame.
Expert:  KJL LAW replied 1 year ago.
If you have any question please just ask. If not, please rate the question for credit and tracking.