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My dad put my name on his bank account before he died. Do I

have to pay tax on...
My dad put my name on his bank account before he died. Do I have to pay tax on the money in that account?
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Answered in 11 minutes by:
7/28/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Your father gifted half the account to you prior to his passing. The receiver of a gift does not pay gift tax. Assuming your father was a US citizen you do not have to report that either. If the amount was more than $14000 your father would need a form 709 filed to report the gift. What that does is reduce his Estate tax allowance by the amount over $14000.

You would not be taxed on the account.

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Customer reply replied 3 months ago
There is substantially more money in the account than $14,000. And I don't know if he ever filed that form prior to his passing. Is this something I can still do to reduce the tax on his estate?

This is not going to reduce the tax on his estate. The amount over $14000 goes against his $5.49 million that he was allowed prior to estate tax applying.

It does need to be filed for him by whoever is handling his estate

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Your half of the account would not be in his estate

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Customer reply replied 3 months ago
Do I need to hire a probate lawyer? Is this expensive? Would he or she take care of all aspects including this form?

You could hire an attorney but that depends on the size of the estate. The form 709 is a tax form so the person handling the tax portion could perform that task

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As far as expensive, it depends on what they have to do I cannot advise you on that.

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Customer reply replied 3 months ago
Estate is probably in the neighborhood of $500K.....
Customer reply replied 3 months ago
would I need a probate lawyer? Also regarding taxes, would there be any Wisconsin state tax concerns?

Since there is no longer a federal credit for state estate taxeson the federal estate tax return, there is no longer basis for the Wisconsin estate tax. Wisconsin has neither an estate tax– a tax paid by the estate, nor an inheritance tax – a tax paid by a recipient of a gift from an estate.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,886
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Experience: 15years with H & R Block. Divisional leader, Instructor

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