I am a POD on a savings account worth $20,000. Do i have to pay any taxes? Do i have to claim this money at the end of the year has income or capital gain?
No, gifts and inheritances are generally excluded from taxation under Section 102 of the Internal Revenue Code.
Any individual seeking legal advice for their own situation should retain their own legal counsel as this response provides information that is general in nature and not specific to any person's unique situation. Circular 230 Disclaimer - Advice given in this response cannot be used to eliminate penalties with the IRS or any other governmental agency.