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Submitted 291 days ago...

NKitrosser

New User (1)

Does beneficiary of deceased mother's bonds,stocks + money market owe tax on proceeds?

My mother died in 2007.Father long deceased. she owned bonds,stocks and a moneymarket fund. She paid taxes on income from these every year. My 2 brothers and I were designated beneficiaries. We each received our respective equal distributions in 2007. Do we have to pay income tax on any or all of the above?

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Answer 1 / 1

Submitted 291 days ago...

Ruchele

Brain (3,118)

Yes, as you are now the legal owners of the funds, you will need to pay tax on the interest earned in 2007. Since you have never done this before, it would be a good idea to consult a tax pro so you don't over or under pay.

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