I don’t mean the interest – I’m worried about the principle. I want to know if by being named a co-owner, would the IRS expect me to declare any part of the savings balance as income, perhaps as a gift to me? I am not withdrawing any money at all.
If a relative adds me as a co-owner to their savings account, do I have to declare this for federal income tax purposes?
If a relative adds me as a co-owner to their savings account, do I have to declare this for federal income tax purposes?
I don’t care about the issue of the interest on the savings. I care about knowing if by being named a co-owner, that the principle, or part of it, may be taxed as a gift.