Katoslake
Recycles dryer sheets
My wife is co-owner on an investment account with her mother.
They thought it would make things easier and more accessible, but we are now wondering about the tax implications.
The accounts were originated by her mother and my wife was added instead of getting power of attorney access.
Taxable account worth $400,000. Mostly CD’s and MM.
How is tax liability divided in this situation ?
Thanks as always for your comments !
They thought it would make things easier and more accessible, but we are now wondering about the tax implications.
The accounts were originated by her mother and my wife was added instead of getting power of attorney access.
Taxable account worth $400,000. Mostly CD’s and MM.
How is tax liability divided in this situation ?
Thanks as always for your comments !