joint account

[Ineedfreeadvice]

What is the name of your state? DE

My dad passed away in 2002, and my mom put me on all her financial accounts.

I have two kids who are pretty ill with a an unconfirmed metabolism problem. (We are waiting on tests from Mayo).

Anyway, my work is giving me incredible trouble with leave time. I do not qualify for FMLA. My mom was kind to hand me a check today (>$10,000) to help relieve some of the stress we are under with job, debt, and medical bills.

She took it out of a "joint account" (mine and her name on it).....she will pay the taxes on it as far as for taking it out....but if I deposit it into my account......do I have to claim it as income and also pay taxes?

Thanks!

 

[PortlandDMA]

I'd have this confirmed, but I'm almost positive monetary gifts from family are not taxable. Taxes were paid on those funds when your parents earned it.

 

[fishhead]

I'm no expert on this, but I'd be shocked if you had to claim a gift from mom as income. I think we've all gotten help from our moms and never gave "paying taxes on it" a second thought

 

[LdiJ]

What is the name of your state? DE

My dad passed away in 2002, and my mom put me on all her financial accounts.

I have two kids who are pretty ill with a an unconfirmed metabolism problem. (We are waiting on tests from Mayo).

Anyway, my work is giving me incredible trouble with leave time. I do not qualify for FMLA. My mom was kind to hand me a check today (>$10,000) to help relieve some of the stress we are under with job, debt, and medical bills.

She took it out of a "joint account" (mine and her name on it).....she will pay the taxes on it as far as for taking it out....but if I deposit it into my account......do I have to claim it as income and also pay taxes?

Thanks!

No, you don't have to pay taxes on it. It was your money to start with because your name is on the account.

However, even if it wasn't, its a gift from your mother and that is not taxable income to you. If the amount were higher, your mother would be required to file a gift tax return, however that wouldn't be that she would be required to pay taxes on it. It simply means that it would reduced her lifetime exclusion for gifting.