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#2249826 - 02/26/21 01:52 PM Interest bearing joint account after death
GrannieTwo Offline
100 Club
Joined: Nov 2010
Posts: 180
Central IL
I think I read this but where I don't recall - A mother and daughter have a joint interest bearing account. Mom passed away 11/2020. Am I correct that daughter has to close the account and place in her name/SSN before the end of 2021? Thank and if you can point me where I would find this information I'd be grateful! smile
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For when I am weak, then I am strong. 2Cor 12:10

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#2249830 - 02/26/21 02:03 PM Re: Interest bearing joint account after death GrannieTwo
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 77,216
Galveston, TX
The funds in the account passed to the daughter on the date of death. Whether you require the daughter to close the account is a business decision. Regardless of whether you allow the account to continue with just the daughter or require a new account to be opened, any interest earned after the death of the mother belongs to the daughter and must be reported under the daughter's taxpayer identification number to the IRS.
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#2249941 - 03/02/21 01:45 PM Re: Interest bearing joint account after death GrannieTwo
GrannieTwo Offline
100 Club
Joined: Nov 2010
Posts: 180
Central IL
Thanks for your clarification!
_________________________
For when I am weak, then I am strong. 2Cor 12:10

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