A joint account changes to a non-joint account, CGT? Gift tax? Something else?
Posted: Fri Mar 19, 2021 12:16 pm
First of all, I would like to thank everyone on this forum for being so helpful and
knowledgeable. Hopefully with all the research and questions I ask, I could amass enough
knowledge to pass on the knowledge to other newbies who will be fortunate enough to stumble
upon this forum in the future.
Thanks again m(__)m
As for the question,
let's say there is a joint account of A and B (names of people with a family relation),
95% of the assets in the account (provable through logs) belong to A,
and B leaves the account (i.e. account owner changes to A only).
1. Does A have to pay capital gain tax on the assets in the account despite not selling
anything? Perhaps only on the small portion that is not his own?
2. Does A have to pay gift tax on any of the assets? Perhaps only B's?
3. Does it make a difference if it's a domestic or an overseas account? If it does make a difference,
then how would it be if it is an overseas account and A is a non-permanent tax resident? (i.e. less than 5 years)
4. Any other tax events that I am missing?
*. Are these questions better suited to a tax advisor? If so, what kind of service
is this? A one-time consultation (without preparing a report)?
I can guess at the answers intuitively, but if anyone has experience or knowledge I would
be really glad to hear! I could not find anything online so if you happen to know of any
sources with answers to these questions as well I would also be forever grateful.
Thanks for the help!
knowledgeable. Hopefully with all the research and questions I ask, I could amass enough
knowledge to pass on the knowledge to other newbies who will be fortunate enough to stumble
upon this forum in the future.
Thanks again m(__)m
As for the question,
let's say there is a joint account of A and B (names of people with a family relation),
95% of the assets in the account (provable through logs) belong to A,
and B leaves the account (i.e. account owner changes to A only).
1. Does A have to pay capital gain tax on the assets in the account despite not selling
anything? Perhaps only on the small portion that is not his own?
2. Does A have to pay gift tax on any of the assets? Perhaps only B's?
3. Does it make a difference if it's a domestic or an overseas account? If it does make a difference,
then how would it be if it is an overseas account and A is a non-permanent tax resident? (i.e. less than 5 years)
4. Any other tax events that I am missing?
*. Are these questions better suited to a tax advisor? If so, what kind of service
is this? A one-time consultation (without preparing a report)?
I can guess at the answers intuitively, but if anyone has experience or knowledge I would
be really glad to hear! I could not find anything online so if you happen to know of any
sources with answers to these questions as well I would also be forever grateful.
Thanks for the help!
