S
Susan
My father owns a Certificate of Deposit that also has my
name on it (worded like "John Jones or Susan Jones"). He
wants to give it to me as a gift, so when it matures we'll
just transfer the funds into my savings account at that same
bank.
Is this taxable income? My name is on the CD with his, so
perhaps in a legal sense it's already my money and I'm just
transfering it from one account I own to another.
But on the other hand, the bank has always sent the 1099 to
my father, not me, since his name is listed first, so maybe
the IRS would regard it as new income for me that's taxable.
Is it taxable income? Will the bank report the transaction
to the IRS?
Thanks,
Susan
name on it (worded like "John Jones or Susan Jones"). He
wants to give it to me as a gift, so when it matures we'll
just transfer the funds into my savings account at that same
bank.
Is this taxable income? My name is on the CD with his, so
perhaps in a legal sense it's already my money and I'm just
transfering it from one account I own to another.
But on the other hand, the bank has always sent the 1099 to
my father, not me, since his name is listed first, so maybe
the IRS would regard it as new income for me that's taxable.
Is it taxable income? Will the bank report the transaction
to the IRS?
Thanks,
Susan