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 mom passed away and we had cd's and money in a bank in both our names. There was one account which was only in hers and we had to cash it out. The others we will roll over and take interest if possible. What do we do about paying taxes on this money?
Answer Katie,
Thanks for your question.
Unless the estate exceeded $3,500,000 there are no estate taxes.
Inheritances are not subject to income tax, so your only income tax liability would be for earning on the investments. Depending on your state of residence you may owe state inheritance taxes. However, many states do not have these and those that do frequently have liberal exclusions for inheritances from parents.
