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Money and Finances
Reply to "Custodial Account Question"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Gift tax?[/quote] The transfer appears to be illegal, but if the $$ was in the child’s name and the transfer were appropriate for some reason, if it was over $17,000 (or $34,000 if to both parents), I assume it would trigger a need to file a disclosure with the IRS and the amount would be credited against the child’s total estate exemption amount. [/quote] How do the parents gift themselves money that isn’t theirs? It belongs to their daughter. [/quote] Well, yes. That’s the “illegal” part. However, even if they want to claim the kid consented to the transfer somehow, the reporting requirements would kick in. [/quote] Also, banks report cash deposits of over $10k to the IRS, so the IRS may come knocking, wondering where that $$ came from. [/quote]
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