Joint checking account question

[minotaur]

What is the name of your state (only U.S. law)? California My mother passed away. We have a $30,000. checking account held JOINTLY. She contributed all of the funds. Both of us live/lived in California. While there are no estate or inheritance taxes due, am I responsible to pay other taxes on this amount? What would they be? If there is tax due, what would the amount that would be my basis? Thank you

 

[Dandy Don]

There will be no "other" taxes on this amount. Under the concept of right of survivorship, when your mother died, by law the account automatically becomes yours only since you are listed as joint account owner. Go to the bank and make sure that they make the change to show only your name on the account now, and this money DOES NOT go into probate.