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I was the beneficiary on certificates of deposit in the amount of $49,000. What is my tax liability and what form do I file?


ANSWER


Expert Michael Lim's Answer:

Because you inherited this money, there is no tax liability.

 

Beneficiaries of assets from an estate that are received through inheritance do not pay taxes on the items they receive.

Michael Lim, CPA

California

16 yrs experience

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