Comments on: What Are The Tax Rules Regarding Assigning Income To Another Tax Payer?

By: Lisa C

Lisa C — Mon, 01 Feb 2010 13:02:48 +0000

Cheaters never prosper! Do your own work Alissa!
: )

By: dvdclark

dvdclark — Mon, 01 Feb 2010 06:10:09 +0000

call the tax agency

By: loves christmas lights

loves christmas lights — Mon, 01 Feb 2010 00:34:57 +0000

Banks are a great wealth of knowledge, after the account is set up for the child and the terms set, and money starts flowing into it, that cannot be removed without tracking, the bank can assist on the form to use for that money that is untouchable by the parent. (Accounts set up like this have many rules, income tax will be paid on any money given to anyone)so there is no way to hide income, some income can have its taxes defered. Paying a proffessional to do the taxes the first year these arrangement are set up, is well worth making sure it is set up correctly, any mistakes and the adult will have fines and late fees for any monies owed. The irs is not forgiving. You can also get free advice annonymously by going to http://www.irs.gov and finding the toll free number they can answer alot of questions.

By: Bostonian In MO

Bostonian In MO — Sun, 31 Jan 2010 23:58:00 +0000

Since the son did nothing to earn the money that dad was paid it’s a gift from dad and dad may need to file a Gift Tax return.
Sonny has no beneficial interest in the income so it’s not income to him.