Question for CPAs.

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oaktonhokie
Posts: 11324
Joined: Thu Aug 22, 2013 8:48 pm

Question for CPAs.

Post by oaktonhokie »

What are the income or inheritance tax implications of a CD that is POD (payable on death)?

If someone "inherits" a pod account at $100,000 is it taxed at all, is it taxed as part of the estate and the inheritance tax or is it taxed as income?

Thanx in advance.


...............................


EDIT: I have an answer. No need to reply.
If you bend over backwards long enough,
eventually you'll fall down.
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ip_law-hokie
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Joined: Wed Aug 21, 2013 9:20 pm
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Re: Question for CPAs.

Post by ip_law-hokie »

oaktonhokie wrote:What are the income or inheritance tax implications of a CD that is POD (payable on death)?

If someone "inherits" a pod account at $100,000 is it taxed at all, is it taxed as part of the estate and the inheritance tax or is it taxed as income?

Thanx in advance.


...............................


EDIT: I have an answer. No need to reply.
so what's the answer?
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
oaktonhokie
Posts: 11324
Joined: Thu Aug 22, 2013 8:48 pm

Re: Question for CPAs.

Post by oaktonhokie »

Money from a pod is subject to inheritance / estate tax which does not kick in until $5.25 million is in the estate.

It is not considered income. Don't tell our marxxist president....


ip_law-hokie wrote:
oaktonhokie wrote:What are the income or inheritance tax implications of a CD that is POD (payable on death)?

If someone "inherits" a pod account at $100,000 is it taxed at all, is it taxed as part of the estate and the inheritance tax or is it taxed as income?

Thanx in advance.


...............................


EDIT: I have an answer. No need to reply.
so what's the answer?
If you bend over backwards long enough,
eventually you'll fall down.
User avatar
ip_law-hokie
Posts: 19133
Joined: Wed Aug 21, 2013 9:20 pm
Alma Mater: Manchester
Location: New York, NY

Re: Question for CPAs.

Post by ip_law-hokie »

sounds like it is treated like a life insurance payout.
oaktonhokie wrote:Money from a pod is subject to inheritance / estate tax which does not kick in until $5.25 million is in the estate.

It is not considered income. Don't tell our marxxist president....


ip_law-hokie wrote:
oaktonhokie wrote:What are the income or inheritance tax implications of a CD that is POD (payable on death)?

If someone "inherits" a pod account at $100,000 is it taxed at all, is it taxed as part of the estate and the inheritance tax or is it taxed as income?

Thanx in advance.


...............................


EDIT: I have an answer. No need to reply.
so what's the answer?
With their Cap’n and Chief Intelligence Officer having deserted them, River, Ham and Joe valiantly continue their whataboutismistic last stand of the DJT apology tour.
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