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#1
03-24-2006, 05:41 AM
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 Re: Joint ownership of CDs JamesStep[at]gmail.com wrote: - quote - > Are there any tax implications for me if my name is added to
If you are added as a joint tenant only for convenience, that's not> several CDs owned by a relative? Would the IRS consider it a > gift, even if I never actually cash the CDs? generally considered a gift until the other joint tenant dies. You do become a legal owner, however. So if you have unsatisfied creditors they may try to get paid from those assets. 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 (2006) - All rights reserved. > << ================================================== ===== > |
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03-24-2006, 05:22 AM
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| Re: Joint ownership of CDs <JamesStep[at]gmail.com> wrote: - quote - > Are there any tax implications for me if my name is added to
No. Just don't add any of your own money.> several CDs owned by a relative? -- Phil Marti Clarksburg, MD << ================================================== ===== > << 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 (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-23-2006, 04:57 AM
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| Joint ownership of CDs Are there any tax implications for me if my name is added to several CDs owned by a relative? Would the IRS consider it a gift, even if I never actually cash the CDs? (The CDs are owned by my elderly mother. She's in good health currently, but wants both our names on the CDs so I'd have easy access to the money in case her health declines and I have to pay her bills.) Thanks, James << ================================================== ===== > << 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 (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| cds, joint, ownership |
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