Before my mom passed away, she adding me to her bank account. After she died I had access to the account, but didn't have access to the account before she passed. Will I have to pay taxes on these monies if I live in California.

ANSWER

The BIDaWIZ Team's Answer:

Are the monies held in a bank account? We want to confirm that you aren't referring to investments. If it is just cash, the monies are not taxable to you unless they are in excess of the estate tax of $5.25 million for single filers. This is referenced in chapter 11 of the Internal Revenue Code. There is also no estate tax in California.