My parents, who are in their eighties, want to transfer their checking/savings accounts into an account in my name. It will be over $10,000. Will there be any legal issues like tax or IRS reporting?
Banks are not in the business of tax collection. The fact that you deposit a check or transfer funds to your account is not a taxable event. You would need to refer to your IRS requirements as to whether this could be considered taxable income or some type of inheritance. You may ask a tax specialist or financial planner if this will have any impact in the future.
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Banks are not in the business of tax collection. The fact that you deposit a check or transfer funds to your account is not a taxable event. You would need to refer to your IRS requirements as to whether this could be considered taxable income or some type of inheritance. You may ask a tax specialist or financial planner if this will have any impact in the future.
