Legal Question in Tax Law in New Jersey

gift tax

If my father puts me on his checking account so I can help with his bills, is there a gift tax? The state is New Jersey. (I live in VT.)


Asked on 2/03/08, 7:20 am

2 Answers from Attorneys
Ronald Cappuccio Ronald J. Cappuccio, J.D., LL.M.(Tax)

Re: gift tax

There should be no federal or state gift tax. Your father should sign a Power of Attorney with the bank making you an authorized signer. This eliminates the gift issue because you are not a joint owner.

I hope this helps!

Ron Cappuccio

http://www.SaveYourEstate.com

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Answered on 2/03/08, 3:09 pm
Robert Roemer Robert Roemer

Re: gift tax

no- but it sounds like you dad could benefit from some updated elder law review of his situation.I can help you if you want just send me an e-mail with your or his phone number.

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Answered on 2/03/08, 4:21 pm


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