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Tax implications to switch a bank account to a joint account with brother

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ggaadc

Junior Member
What is the name of your state? Colorado

My sister-in-law (my husbands sister) wants to either:
--- Transfer her savings account to my husband ( approximately $90,000)
OR
---Make her current account a joint account with my husband (her brother) on the account.

Can this be done? And how without causing tax questions?
What if any are the tax implications?

Is there a way to do this without any taxes accessed?

I know she can gift him 10,000 without any taxes. So what about the remaining 80,000?
 
Last edited:


LdiJ

Senior Member
ggaadc said:
What is the name of your state? Colorado

My sister-in-law (my husbands sister) wants to either:
--- Transfer her savings account to my husband ( approximately $90,000)
OR
---Make her current account a joint account with my husband (her brother) on the account.

Can this be done? And how without causing tax questions?
What if any are the tax implications?

Is there a way to do this without any taxes accessed?

I know she can gift him 10,000 without any taxes. So what about the remaining 80,000?
Adding her brother's name to the account should not result in any tax implications.

However.....why does she want to do this? There may be better options.
 

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