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The owner of the account pays the taxes. That would be the first name on the account. Sisters name should be second name on account.
So if mom passed away in 2024 then on the 2024 taxes (done in 2025) then the owner (mom) will pay taxes on the interest on the bank account. The rest of the money becomes part of the estate and that is distributed among the beneficiaries.
check if a will was done
then get legal advice don’t guess on money
it has a habit of coming back to bite
Obvious question: Did you ask / discuss this with your sister. If not, I wonder why not?
* Do you / did you have access to any financial documents (banking accounts, investments, etc.?)
* Who handled all these? and were accurate records kept of expenditures?
- Do you/someone have receipts for purchases?
It appears that you need to talk to your sister and find out who has legal authority to make these decisions. If there isn't a Will or anything designating anyone, then call an elder tax attorney and/or the IRS. You need to find out the legal / your legal obligations.
Gena / Touch Matters
If signee only or POA, that money becomes part of the estate, IMO.
Talk tovthe bank to see how acct was set up, then talk to Probate. If it becomes partbof the estate then you pay taxes according to what you receive. We received almost 50k from my MILs estate and paid no income taxes on it.
If her mom has passed away the account may as well be closed. Just make sure all of the final bills have been paid.
The sister is not the POA. She has joint accounts with the mother. The bank accounts are the sister's accounts. If taxes were already paid she will not have to pay them again to remove her late mother's name from her own bank accounts. They do not have to be probated either because they are joint accounts. One holder died, so the other holder owns the accounts and the contents thereof.
She now has to go to the bank with a copy of the death certificate and get your mother's name removed from the accounts. She should do this right away. She should talk to a tax lawyer or accountant just to be sure because these bank accounts probably won't even need to be probated.
Was your father's name on these accounts at any time? If it was no one paid taxes on the money in the accounts when his name was taken off the accounts.
The money in the joint accounts has already been taxed if came from taxable income. No, your sister does not have to pay taxes on it again. It's her bank account.