client has been moving funds from personal account to joint account with son/daughter

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  • EllieB
    Junior Member
    • Jan 2008
    • 18
    #1

    client has been moving funds from personal account to joint account with son/daughter

    client has been moving funds from personal account to joint account with son/daughter. Is a gift tax return required?
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    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2321
      #2
      No, money put into a Joint account (with the giver on the account) is not considered a Gift unless (1) it is meant to be a Gift or (2) the other person withdraws the money.

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        • EllieB
          Junior Member
          • Jan 2008
          • 18
          #3
          Is there a time limit

          Suppose the son/daughter removes the funds a year or more after they are deposited in joint account (ie to buy a house, or to pay college tuition for grandchild. Is there a time limit after which a gift tax return is not required?

            Comment

            • Kram BergGold
              Senior Member
              • Jun 2006
              • 2112
              #4
              Gift Tax

              Based on the prior response, the gift tax return would be for the year the money was withdrawn.

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