If someone has a stock acct thats Joint Tenants with Rights of Survivorship (JTWROS), and it goes from $50,000 to $2,000,000 does it make it a gife( and taxed at gife rate)if one of the persons on the acct signs over it to the other? thanks
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Joint Tenants with Rights of Survivorship (JTWROS)
Mar 14, 2005
3 Replies
It depends on whose money it was and who winds up with the money. If the same, no gift, otherwise, if not married, taxable gift.
-- Phil Marti Clarksburg, MD
Probably, but it depends on where the original $50,000 came from in the first place. If each paid in half, then turning over half from one to the other will likely be a taxable gift. If the person who ends up with it all was the source of all the funds originally, it will likely not be a taxable gift. Stu
It is a gift and it will be subject to gift tax if the joint tenant is not a spouse.
-- Alan
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