Discussion:"In Trust For" (ITF) bank account

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Discussion Forum Index --> Tax Questions --> "In Trust For" (ITF) bank account

Paris (talk|edits) said:

25 May 2009
Would there be any gift tax implications on creation or funding or withdrawal by donor of "In Trust For" bank account ?

Riley2 (talk|edits) said:

25 May 2009
These are usually fully revocable pay on death accounts. Thus, the answer is no.

Paris (talk|edits) said:

26 May 2009
Is there any difference between a POD and an ITF account ?

Paris (talk|edits) said:

18 August 2009
1.Are there any reporting requirements for an ITF (e.g form 3520,3520A or other ) ?

2.Would the answer change if the account owner (grantor) or beneficiaries are both Non Resident Alien ?

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