- posted 10 years ago
A bank pays out airlines miles based on your balance per month. I want the miles , but my parents have the money. Could we setup a joint account with their money and me getting the miles? What are the tax consequences of this? My understanding is airline miles are not taxable. Also I can NOT be claimed as a dependent on their tax return.
My understanding is one can only receive $12,000 free of taxes as a gift. So how would it be possible to open a joint account valued higher than that? Doesn't a join account mean you automatically have access to all the money in the account?