cdquestion
Junior Member
What is the name of your state? MN
Daughter at age 11 received CD from death of mother (paid through car ins. settlement). CD couldn't be cashed until she was 18. She lived with Dad fulltime until age 18, now she's off to college. At age 18, she put money into a savings acct. Dad had name on this account in case she needed his help while away at college. Now, Dad's name is off of account. At what point is the interest taxable and to whom is it taxed? Is father responsible because his name was simply on the account to help his daughter out?
Daughter at age 11 received CD from death of mother (paid through car ins. settlement). CD couldn't be cashed until she was 18. She lived with Dad fulltime until age 18, now she's off to college. At age 18, she put money into a savings acct. Dad had name on this account in case she needed his help while away at college. Now, Dad's name is off of account. At what point is the interest taxable and to whom is it taxed? Is father responsible because his name was simply on the account to help his daughter out?