What is the name of your state (only U.S. law)? California
My parents opened a joint account with Merrill Lynch 25 yrs ago. My dad passed away in 2008 and unfortunately my parents did not do anything with that account before my dad passed away.
IRS is now demanding estate tax on the whole account, instead of 50%.
I would think that my mom is still living. Her half of the account should not be subject to the estate tax. IRS said my mom needs to proof that half of the account was from funds deposited from her. My dad is the sole provider of the family and my mom was a house wife, so I believe all of the funds were from my dad. Nonetheless, it is still a joint account, so should be taxed at 50%. Do we have a case on this?
DavidWhat is the name of your state (only U.S. law)?
My parents opened a joint account with Merrill Lynch 25 yrs ago. My dad passed away in 2008 and unfortunately my parents did not do anything with that account before my dad passed away.
IRS is now demanding estate tax on the whole account, instead of 50%.
I would think that my mom is still living. Her half of the account should not be subject to the estate tax. IRS said my mom needs to proof that half of the account was from funds deposited from her. My dad is the sole provider of the family and my mom was a house wife, so I believe all of the funds were from my dad. Nonetheless, it is still a joint account, so should be taxed at 50%. Do we have a case on this?
DavidWhat is the name of your state (only U.S. law)?