I'm hoping someone out there in Fooldom is able to help me with this question. My father-in-law wants to set up a joint account (brokerage)with me. My question is: To reduce his estate, will he be able to gift me $10K a year from this joint account? Thanks!Kelly
My father-in-law wants to set up a joint account (brokerage)with me. My question is: To reduce his estate, will he be able to gift me $10K a year from this joint account?The best place for this question is probably in the "Tax Strategies" board.It would be cleaner if you had a separate brokerage account and have your father-in-law transfer up to $10K worth of shares each year.If you and your spouse have a joint account, your father-in-law could gift up to $20K a year to the two of you.You get your father-in-law's basis and period of ownership when he gifts the shares to you.
Although I don't doubt any of the fine posters on this board, when it comes to taxes always double check an answer with the pros in the Tax Strategies Area:http://www.fool.com/School/Taxes/Taxes.htmPatrick
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