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My mother passed away on 12-14-17. I have Durable Power of…

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My mother passed away...

My mother passed away on 12-14-17. I have Durable Power of Attorney over all of her medical and financial stuff for several years now. All of her checking, savings, CDs, and house deed are all joint accounts with me, with right of Survivorship. I am her only child and she is a widow for over 25 years. Her lawyer set up all these joint accounts so that she would need no will.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

What is my tax responsibilty for this year, and am I liable for probate or estate taxes.

Submitted: 8 months ago.Category: Finance
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Answered in 6 minutes by:
12/17/2017
Financial Professional: Carter McBride, Financial Advisor replied 8 months ago
Carter McBride
Carter McBride, Financial Advisor
Category: Finance
Satisfied Customers: 1,312
Experience: Adjunct Professor
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Hey! I'm Carter, I'm a CPA and would be glad to help you out.

I'm sorry for your loss.

Since the accounts are joint accounts with rights to survivorship, they should transfer to you solely automatically. This means the estate should not have any assets that would produce income.

If the estate earned more than $600 in income, you are required to file an estate income tax return on Form 1041. Since she passed so late in the year, it is highly unlikely that you would need to file an estate tax return so you will be good for this year. The same $600 limit will apply next year.

The IRS has a great run down on the requirements here: https://www.irs.gov/businesses/small-businesses-self-employed/deceased-taxpayers-filing-the-estate-income-tax-return-form-1041

Hope that helps. Let me know if you want anything cleared up. If not, please leave a rating. Thanks!

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Financial Professional: Carter McBride, Financial Advisor replied 7 months ago

Hey! I just wanted to follow up and see if you have any other questions. If not, please leave a rating. Thanks!

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