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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15600
Experience:  15years with H & R Block. Divisional leader, Instructor
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My mom and dad had a money market account which was put in

Customer Question

My mom and dad had a money market account which was put in my name. Do I claim this as income for 2015? My parents wanted their funerals, caskets, and etc. paid for. I paid this with their money market account. I also paid for roofs on garage and their home, painting, new bathroom floor which was decayed under toilet.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


If the account made money after your name went on it as owner yes, that part is income to you.

All the items you paid for are not relevant just if the account earned anything (interest perhaps).