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To: Red Badger
“Let’s say you live by Grandma, so for convenience, we're going to put you on Grandma's bank account. Guess what just happened?” Picciurro says. “If you're put as a joint [owner] on a bank account with somebody and you have the right to take the money out at any time, essentially Grandma is giving you a gift.” This applies to joint accounts when the other owner is not your spouse.

A lot of people have joint bank accounts with elderly parents or relatives - for the sake of convenience and security. How the heck would the IRS enforce a stupid rule like this.

11 posted on 04/03/2024 1:48:32 PM PDT by yelostar (Spook codes 33 and 13. See them often in headlines and news stories. )
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To: yelostar

By having the banks report it to them.


19 posted on 04/03/2024 7:29:18 PM PDT by Silentgypsy (In my defense, I was left unsupervised.)
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