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My mother died in 2010 and left me $6000 in insurance, $

Customer Question
My mother died in 2010...
My mother died in 2010 and left me $6000 in insurance,
$ 5000 in cd's, $17000 in gov savings bonds and $10,000 in corporate bonds.

What do I owe federal taxes on?

Jay C
Submitted: 7 years ago.Category: Tax
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Answered in 33 minutes by:
6/1/2010
Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello and thank you for using Just Answer.

The Insurance money you received will not be taxable to you. The interest earned on the CDs and the bonds will be taxable. The Corporate bonds work like the CDs and Savings Bonds, the investment income derived from them are fully taxable.

I sincerely XXXXX XXXXX information is helpful and please accept my condolences on your loss,

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Customer reply replied 7 years ago

Robin,

 

Thanks for the answer. Do I owe taxes on the interest I earn on the bonds and CD's; or do I owe taxes on what my mother earned on interest while she owned them. Probably 30% of the gov savings bonds was Interest earned by my mother.

 

Thank you for your condolence.

 

 

Tax Professional: Robin D., Senior Tax Advisor 4 replied 7 years ago
You will be required to include in your income the interest earned after you inherited the CDs and savings bonds (unless you were named on the savings bonds as a co-owner, in that case you would include all interest on your return).
Robin D.
Robin D., Senior Tax Advisor 4
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