Do I owe taxes on money thatI received from my deceased dad’s checking account?

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Do I owe taxes on money thatI received from my deceased dad’s checking account?

My dad passed in 2010. I was named executor in the Will. After all funeral expenses and debts were paid, I divided the money from dad’s checking account equally among the 4 of his children. Do we owe taxes on this money?

Asked on September 11, 2010 under Estate Planning, Kentucky

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to seek help from an attorney in your area or at least an accountant that does estate accounting.  You yourself will not owe taxes but the estate may indeed owe taxes and you as the executor have an obligation to make sure that they are indeed paid.  Many states have requirements that estate tax returns be filed within a certain time frame after the probate has begun.  Generally 9 months to a year.  But that can also depend on the size of the estate.  Please do not play around with ths.  You can be held personally liable as the executor.  You have a fiduciary responsibility and that is regarded highly under the law.  With great power comes great responsibility. Good luck.


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