AboutJohn Stancil, CPA Expertise I can answer questions on personal income taxes, partnerships, and some corporate income taxes. I can deal with some state tax questions. Limited gift and estate tax questions. I am also familiar with ministerial and church tax reporting issues. I teach tax and accounting at a small church-related college. Sales taxes and property taxes are state and local issues so I am not likely be be able to give you an in depth answer on those types of taxes. I have maintained a part time tax practice for over 30 years. I am a member of the AICPA, National Association of Tax Professionals, and the Institute of Management Accountants.
Visit my website at www.johnstancilcpa.com.
Also visit my blog, www.thetaxdocspot.com.
Experience I hold a doctorate in Accounting, and four professional certifications: CPA, CMA, CFM, and CIA. I passed all certification examinations on the first attempt, and received honorable mention for my scores on the CIA exam. I write a monthly tax column for the local newspaper. I have prepared taxes for over 30 years.
Education/Credentials DBA University of Memphis
MBA University of Georgia
BS in Accounting Mars Hill College
Question QUESTION: Hi john, i am single, not marry, no kids. i have money in my bank account and i want to name some beneficiaries. upon my death, will my beneficiaries be tax on that money? if yes, at what rate?
in which occasion will someone name as beneficiary will not have to pay taxes?
ANSWER: Ervin,
Thanks for your question. Inheritances are not taxable income, therefore they will not be subject to tax on it's receipt.
hope this helps.
John Stancil, CPA
---------- FOLLOW-UP ----------
QUESTION: ok i see. a friend of mine who is an operational manager in a bank told me that the only way my money in my saving account is tax free is when i put my spouse as beneficiary.
he told me any other person name as beneficiaries will need to pay tax on your savings account money. that is inheritance taxes.
can you confirm that none of my beneficiaries,even if they are not family member, will need to pay taxes on the money in savings account upon my death?
Answer I responded, answering from an income tax standpoint. A few states to have an inheritance tax. This tax, where it exists, varies from state to state, so I could not tell you if you heirs would be subject to it or what the rate would be.
