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

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    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?

    #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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      #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?

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        Based on the prior response, the gift tax return would be for the year the money was withdrawn.

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