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#4
10-09-2005, 06:06 PM
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 Re: Tax/gift/other status for joint bank accounts "Stuart A. Bronstein" <spamtrap[at]lexregia.com> wrote: - quote - > The dual purpose makes it problematic, but in this case it
With the consent of A, B has withdrawn funds to buy a car.> is probably not a gift at the time B's name is put on the > account. I suppose the withdrawn funds need to be treated as a gift and A will need to file a gift tax form. That raises the question of B's cost basis for business use of the car. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#3
10-05-2005, 05:24 PM
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| Re: Tax/gift/other status for joint bank accounts "Howard Kaikow" <kaikow[at]standards.com> wrote: - quote - > "Stuart A. Bronstein" <spamtrap[at]lexregia.com> wrote:
The dual purpose makes it problematic, but in this case it> > Why was B's name put on the account? > To make the money more easily available in an emergency (B > has POA for A, but they live in different states), and in > lieu of "payable on death" to avoid probate. is probably not a gift at the time B's name is put on the account. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#2
10-04-2005, 06:07 AM
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| Re: Tax/gift/other status for joint bank accounts "Stuart A. Bronstein" <spamtrap[at]lexregia.com> wrote: - quote - > Why was B's name put on the account?
To make the money more easily available in an emergency (Bhas POA for A, but they live in different states), and in lieu of "payable on death" to avoid probate. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#1
10-02-2005, 11:50 AM
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| Re: Tax/gift/other status for joint bank accounts "Howard Kaikow" <kaikow[at]standards.com> wrote: - quote - > If A and set up a joint bank account under A's SSN, but A
Generally not, but it depends. Was it intended as a gift?> is the only one putting money into the account. > 1. Is any of that money considered a gift from A to B? Why was B's name put on the account? - quote - > 2. If B withdraws some of the funds, WITH A's agreement to
Depends on whether it was considered a gift earlier, and> do so, is the withdrawn money a gift from B to A? what B intended to do with the money. If B was able to spend it on anything he wanted, it is probably a gift. - quote - > 3. If B withdraws some of the funds, WITHOUT A's agreement
If it wasn't a gift earlier, it wouldn't be a gift at that> to do so, is the withdrawn money a gift from B to A? point. Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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10-02-2005, 11:30 AM
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| Re: Tax/gift/other status for joint bank accounts Howard Kaikow wrote: - quote - > If A and set up a joint bank account under A's SSN, but A
Anything that B withdraws from the account.> is the only one putting money into the account. > 1. Is any of that money considered a gift from A to B? - quote - > 2. If B withdraws some of the funds, WITH A's agreement to
You have it backwards, the gift is from A to B> do so, is the withdrawn money a gift from B to A? - quote - > 3. If B withdraws some of the funds, WITHOUT A's agreement
A gift from A to B. Why open a joint account if B cannot make> to do so, is the withdrawn money a gift from B to A? withdrawals? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
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#-1
10-01-2005, 05:40 AM
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| Tax/gift/other status for joint bank accounts If A and set up a joint bank account under A's SSN, but A is the only one putting money into the account. 1. Is any of that money considered a gift from A to B? 2. If B withdraws some of the funds, WITH A's agreement to do so, is the withdrawn money a gift from B to A? 3. If B withdraws some of the funds, WITHOUT A's agreement to do so, is the withdrawn money a gift from B to A? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== > |
| Tags |
| accounts, bank, joint, status, tax or gift or other |
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