What is the name of your state (only U.S. law)? Pennsylvania
My wife's mother passed away a few weeks ago. She had two accounts, one a 9 month CD and one a checking account. Both accounts named my wife and her sister as POD beneficiaries. Is the income received from these accounts taxable? If so, what rate?
There was about $48k between the two accounts, meaning my wife and her sister each received about $24k.
Additional information: My wife's mother lived in Florida. She is survived by her husband. She left no will, which opens up a bunch of probate questions, which I will ask later under a new thread if needed.
My wife's mother passed away a few weeks ago. She had two accounts, one a 9 month CD and one a checking account. Both accounts named my wife and her sister as POD beneficiaries. Is the income received from these accounts taxable? If so, what rate?
There was about $48k between the two accounts, meaning my wife and her sister each received about $24k.
Additional information: My wife's mother lived in Florida. She is survived by her husband. She left no will, which opens up a bunch of probate questions, which I will ask later under a new thread if needed.
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