Discussion:Gift and Estate
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Discussion Forum Index --> Tax Questions --> Gift and Estate
| 6 February 2008 | |
| My aunt is a US citzen ,with no sons.She did a joint account with right of survivorship on her bank account and brokrage firm ,and did a special warranty deed on her apartment at Miami , nominate her niece and nephew as co-owners (bank and brokrage acc) and (deed) beneficiaries .They are no us citizen .My question:Is it a gift of future interest , and if it is ,the citzenship of the beneficiaries have any tax issue? | |
| 6 February 2008 | |
| If a joint bank account was created, the gift occurs when one party withdraws an amount in excess of what he or she deposited. If a joint tenancy was created for cash, brokerage, apartment, the gift is completed when the documents are signed. Not sure what your situation is. Sounds like a gift tax return in needed. | |
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