What is the name of your state (only U.S. law)? Maryland.
My mother had an investment account that had all her children's names as well as hers in joint tenancy with right of survivorship. When she passed away recently, the account was closed and the proceeds were equally divided among the children. How should I report my portion in my income tax return next year? Would it be considered as "pure" income, or as capital gain (or loss)? How do I (we) figure the basis to determine whether it is gain or loss? I may not be asking exactly the right questions, so please provide whatever is the appropriate advice based on the situation described above. Let me know if more information is needed. Thanks so much.