Q: My son is receiving an inheritance from his grandmother, if I open a joint account with him will I have to pay taxes
It will be 57000
A:
If your son is receiving an inheritance of $57,000 from his grandmother and you open a joint account with him, the inheritance itself is not subject to federal income tax. Generally, inheritances are not considered taxable income for federal tax purposes.
However, placing the inheritance into a joint account could have implications. For instance, it might be considered a gift if you use any of that money for personal expenses. The IRS has gift tax rules that could come into play if the amount exceeds the annual gift tax exclusion, which is $18,000 for 2024.
It's also important to consider that any interest or investment income generated from the inheritance after it’s deposited in the joint account will be subject to income tax. Both you and your son may need to report this income on your tax returns, depending on who the income is attributed to. Consulting with a tax professional can help you understand the specific implications for your situation.
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