My wife and my mother-in-law were joint owners of a CD. The CD matured and my mother-in-law cashed it in and wants to give the funds to my wife and I. We will then deposit them into a new CD. It does not seem to me that I will have to pay tax as my wife was a co-owner of the funds to start with, but I need to know for sure.
Whether or not the transaction would be taxable at the federal or state level, would be a matter for which you should contact a qualified tax advisory service. The amount of money involved would be a consideration.
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Whether or not the transaction would be taxable at the federal or state level, would be a matter for which you should contact a qualified tax advisory service. The amount of money involved would be a consideration.
