Who pays for this cd being cashed

[garrisons4]

What is the name of your state?What is the name of your state? Missouri
My wife and I separated this year but are filing jointly. When this occurred (our separation), my mother-in-law cashed a cd that was in her name and stated something to the effect of "care of"/ "cust of"/ "guardian of" my son. She gave the cd amount to my wife. She just forwarded the form to me to pay taxes on it. As it is in her name, and my child is a minor, I don't see that I am responsible for the tax debt, even though it was cashed in for my wife. It seems to me as though it is, at best, a gift? The amount in question is roughly $2700. Who is responsible to pay this debt, and if it is me, how do I go about reporting it as I have no forms in either my name or my wifes name and the cd was in neither or our names?
Thanks!!

 

[seniorjudge]

Did you ask mom why she thinks she doesn't owe taxes?

Who has custody of the kid?

 

[garrisons4]

My son lives with me full time. I assume my mother in law believes that since the money was actually used by my wife, we are responsible for the taxes on it. I don't follow the logic exactly but as she used to prepare taxes and is an accountant, I feel like there must be something to her thought process.
If I owe, I guess I owe, but it seems that if it was a cd in her name, even if it does mention my son, it would be her responsibility.
Not that it matters, but my mother in law is quite wealthy and I teach for a living, so it is much easier for her to deal with this.

 

[garrisons4]

Okay,
My mother-in-law states that this was stock, not a cd and it was under my son's SSN and therefore it must be claimed by his parents as he is a minor. Here's something else I didn't know; the stock lost about $200 from it's purchase price.
So my question is, what in the world do I do with this???
Any help would be very much appreciated!

 

[Snipes5]

You must file a return for your son, in his own name and SSN.

The stock sale will go on Schedule D. It won't be taxable if the gain was only $200, but you still have to file the return.

Be sure and check the box that indicates that someone else (you) is claiming your son as a dependent on their return.

You file your return and claim your son as normal.

Snipes