3 ms·
I'm concerned you're overlooking something here. When a husband and wife have a joint account, are withdrawals before death by either party usually taxed? §25.
by solidsnack9000 6y ago
I'm concerned you're overlooking something here. When a husband and wife have a joint account, are withdrawals before death by either party usually taxed?
§25.2511-1(h) of what? It's better to include full references; not everyone on HN is in the USA.
- dlubarov 6y agoSorry, it's §25.2511-1(h) in Title 26 of the C.F.R., which contains regulations created by the Treasury. In the spouse scenario, technically the withdrawals would be subject to gift tax, but the entire amount can be deducted if the spouse is a U.S. citizen. And the gift tax paperwork (Form 709) doesn't actually have to be filed (unless there were other gifts).