Message Font: Serif | Sans-Serif
No. of Recommendations: 0
Before I went to college, I was advised to lessen my financial responsibility (I was considering a pricey school) by transferring my holdings to my parents name. Somehow these "experts" said I would be likely to have to contribute this money to tuition. That amount is now worth about $7,000 that I would like back without lots of tax headaches. Can I get it back all at once, or should I take it back a little at a time? (I plan on this being IRA money-$2k is already back in my name in a Roth IRA.) Or is there another way I can take this all back into my name immediately, with or without designating it an IRA? Thanks for any tips!
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.