Gift from joint Canadian account

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Subject Author Date Gift from joint Canadian account Andrew Wasyluszko 12-09-2007
Posted by Andrew Wasyluszko on December 9, 2007, 2:40 am Please log in for more thread options My father, a resident and citizen of Canada, would like to give us a gift of money. The funds are currently being held jointly with me in a Canadian bank account. My family and I reside in the state of Maryland. 1) Since the money is in both our names, does the IRS still consider this to be a "gift" and would there be any tax implications if the amount were over $10,000 US? 2) If so, would it matter if I were to directly withdraw the funds myself or if the amount is in Canadian dollars? 3) If a portion of this money was to be set aside for our six month old's college education, should the funds be separated into two parts or transactions? Similar Threads Posted Who pays the tax on the interest from a joint account? September 12, 2007, 10:05 pm 1099-INT for Joint Account after Divorce January 16, 2009, 7:50 pm Question about 529 account and state / federal taxes and federal gift taxes July 23, 2007, 1:16 am Canadian emigrant to the U.S. January 31, 2007, 4:53 pm Canadian - US tax treaty April 5, 2007, 1:49 am Canadian working in the US - need tax help June 19, 2007, 9:29 pm Do I owe any Canadian income tax? April 28, 2008, 2:37 pm Do I have to pay US taxes or Canadian or both? December 11, 2008, 9:56 pm Working with a Canadian company April 26, 2007, 2:30 am Canadian Stock Earnings, How Reported? January 9, 2008, 3:10 pm