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Inherited Account With No Will

  • 1.  Inherited Account With No Will

    Posted 03-28-2022 02:56 PM
    Hi All,
    I hope everyone's tax season is going well.
    The father of one of our clients passed away. He had no will, instead he had his daughter as a joint owner on every account and asset that he owned. The estate totalled $ 2-3 million. When the father passed, his daughter (my client) closed all of the joint accounts and opened new accounts solely in her name with the exception of one that she could not close becauseof the set-up of the investment.
    The question i have is that since there was no estate set up, how do I report the income on the income from this investment. Last year, all of the income went onto his final return which was filed by his accountant. . He died on December 29, 2020, so it didn't affect my client's return and she never even mentioned this.
    Should I apply for a Fed id # for his estate now? Pick up thw income on her return?

    Thank you for any help!!!!

    Mary Casola
    The Casola Group Ltd
    N. Bellmore NY

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