J
jlu
Guest
What is the name of your state? WA
Thanks everyone for the ton of good info in this forum regarding gift tax! I have one question...
My mom and I have had a joint account for a few years, but I myself had never put any money into it. She's been the one making deposits and reporting the interests on her tax return, etc.
Now I have some money I want to put into the account. If I transfer a lump sum of more than $11k into the account, is that considered a gift to my mom (and I'll need to file form 709)? Or it's not considered a gift since it's a joint account, even though she might end up using more of that money than me?
Thanks everyone for the ton of good info in this forum regarding gift tax! I have one question...
My mom and I have had a joint account for a few years, but I myself had never put any money into it. She's been the one making deposits and reporting the interests on her tax return, etc.
Now I have some money I want to put into the account. If I transfer a lump sum of more than $11k into the account, is that considered a gift to my mom (and I'll need to file form 709)? Or it's not considered a gift since it's a joint account, even though she might end up using more of that money than me?