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.
Question for CPAs.
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Question for CPAs.
If you bend over backwards long enough,
eventually you'll fall down.
eventually you'll fall down.
- ip_law-hokie
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Re: Question for CPAs.
so what's the answer?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.
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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- Posts: 11324
- Joined: Thu Aug 22, 2013 8:48 pm
Re: Question for CPAs.
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....
It is not considered income. Don't tell our marxxist president....
ip_law-hokie wrote:so what's the answer?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.
If you bend over backwards long enough,
eventually you'll fall down.
eventually you'll fall down.
- ip_law-hokie
- Posts: 19133
- Joined: Wed Aug 21, 2013 9:20 pm
- Alma Mater: Manchester
- Location: New York, NY
Re: Question for CPAs.
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:so what's the answer?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.
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.