Do I have to pay taxes on this if I get to keep it? Posted on July 13, 2011
My friend was hospitalized when the sale of a building he owned was completed. He had the check made out to him "and/or" me. He had me hold the check for him but he died in the hospital. I deposited the check in a new account and am paying his burial expenses from it. Whose money is this? Are his creditors due this money. He has other property but no will. Do I have to pay taxes on this if I get to keep it?
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