I am going to pose these questions in a largely hypothetical manner because I don’t want to share personal stories about my family on the internet, even if it is anonymously.
If a relative gave me a sum of money and I used it to open an online brokerage account, what are the tax consequences? Specifically:
Because I could withdraw every penny if I wanted to, does the relative have an obligation to report this to the IRS for gift tax reporting purposes? Also, if there were any dividends or interest earned or capital gains realized in this account, on whose tax return should these be reported? The relative’s or mine? (I file jointly with my spouse.)
Thank you for any enlightenment.
More than 16k they would file a form 709. Once they gift it to you, any earnings are taxable to you.
Gift recipients are never responsible for taxes for the gift itself. Depending on the amount of the gift, the relative who gave it to you may be required to report it to the IRS via Form 709. Investment income is your tax responsibility.
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