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Author: ccaawwss Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 267378  
Subject: ?: annual gift tax exclusion of 10K Date: 1/21/2001 1:13 PM
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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
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Author: Mark0Young Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 153845 of 267378
Subject: Re: ?: annual gift tax exclusion of 10K Date: 1/21/2001 3:16 PM
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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.


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Author: TMFKeeler Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 153865 of 267378
Subject: Re: ?: annual gift tax exclusion of 10K Date: 1/21/2001 4:12 PM
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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.htm

Patrick

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Author: ccaawwss Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 153874 of 267378
Subject: Re: ?: annual gift tax exclusion of 10K Date: 1/21/2001 4:24 PM
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Mark....thanks!

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