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| *Loan,banking and credit>>>tax accounting |
Can I give avoid taxes when I give a large sum of money by opening up a joint bank account in both our names? |
In excess of $50K... This will still be seen as a gift. There is an annual exclusion of $11,000 for gifts made to each person. There is also a lifetime exclusion of $1.5 Million. So the gift would not be taxable, but you would be using up part of that lifetime exclusion and any future gifts or your estate may be taxable (estate and gift taxes use the same exclusion). I think IRS will come after for evading taxes i think u can i have done it in the past and never pay taxes on savings interest Are you talking about avoiding "gift tax?" Do you know that you are allowed to give $11,000 per year tax free to whomever you want to - you do not pay any taxes on that amount and neither does the recipient. Theoretically, you could open a joint account and give the other person total control over it. what do you mean? put 50k in a joint checking account? that will do nothing. it's not a charitable donation so it won't give you a deduction. if you're looking for someone to give a charitable donation of 50k i'm always available. your taxes are based on your income and then they are lowered with exemptions and deductions. NO NO NO....you can only give up to $11K and then it has to be a family member for them to not pay taxes on it nope this is illegal....sorry, you must play by the rules just like the rest of us |
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