What is the name of your state? Michigan
BAck in the early 1990's, my parents bought two CD's jointly owned in their names and mine (they also did so for each of my siblings). My name and social security # have been resident on these CD accounts since that time, along with my parents', as they have matured and rolled over. My father's name/ssn was always the first, followed by my mother's, and lastly mine. I believe my father has always reported the interest earned on these accounts on his tax return.
Each of the sublings cashed in their CD's this summer - some 15 years after they were first set up. Each sibling received approximately $9700. Some sibs spent the money, others chose to reinvest but under just our own name, no longer including our parents.
Were these funds "gifted" to us in the 1990's, or were they gifted to us this year? Is the $10-$11K gift limit per recipient, or a limit on the giver? Are they subject to the 5-year Medicaid lookback should my parents need to apply in the next few years?
BAck in the early 1990's, my parents bought two CD's jointly owned in their names and mine (they also did so for each of my siblings). My name and social security # have been resident on these CD accounts since that time, along with my parents', as they have matured and rolled over. My father's name/ssn was always the first, followed by my mother's, and lastly mine. I believe my father has always reported the interest earned on these accounts on his tax return.
Each of the sublings cashed in their CD's this summer - some 15 years after they were first set up. Each sibling received approximately $9700. Some sibs spent the money, others chose to reinvest but under just our own name, no longer including our parents.
Were these funds "gifted" to us in the 1990's, or were they gifted to us this year? Is the $10-$11K gift limit per recipient, or a limit on the giver? Are they subject to the 5-year Medicaid lookback should my parents need to apply in the next few years?