2006-10-25 07:10:47 · 5 answers · asked by mary b 1 in Business & Finance ➔ Investing
Only if the son gives him access to the money. There is no legal reason to give it back. Under these circumstances the son could also file this as a gift. Would be an interesting outcome.
2006-10-25 07:14:48 · answer #1 · answered by Letsee 4 · 0⤊ 0⤋
My dad did this with me when I was growing up. He would deposit up to 10K in a joint account that we had together. He would account for this as a tax free gift that is allowed between children and their parents. Whenever he had substantial bills to pay he would have me write the check for it through that bank account. He had his own business so this would only amount to 2 or 3 payments a year.
Done this way I know that it's perfectly legal.
btw--he had 6 kids
2006-10-25 07:22:58 · answer #2 · answered by Troy J 3 · 0⤊ 0⤋
Depends upon what the gift was and whether transfer was an "actual" transfer or just an accounting of value for a piece of property. If the gift or cash was actually transferred, then now owned by recipient. If it's a value transfer, depends upon what actually occurred to document or finalize transaction.
2006-10-25 07:13:51 · answer #3 · answered by MJ 4 · 0⤊ 0⤋
Based on the info you have given, no. It was a gift. The son needed to pay tax on it, however.
2006-10-25 07:13:38 · answer #4 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋
Taking it back negates the meaning of "gift" and turns this into a loan.
2006-10-25 07:13:23 · answer #5 · answered by dth256 2 · 0⤊ 0⤋