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My son is single and has certificates of deposit in his name

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only. He is going...
My son is single and has certificates of deposit in his name only. He is going to add my name jointly (his father) to the cd's. Does this create any other issues?
Submitted: 9 years ago.Category: Tax
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Answered in 2 minutes by:
9/3/2008
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Hello and thank you for using Just Answer. How old is your son? Who pay for the CD? Why is going to add his father name to the CD?

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Customer reply replied 9 years ago
My son is 39. He bought the cd. There is no special reason he is adding my name except he wants me to jointly hold it with him.
Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
The only issues putting his father name on the CD is if his father withdrawal over $12,000 from the CD your son would have to file a gift tax return with the IRS for the amount over $12,000 withdrawal by his father.
Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1,672
Experience: Enrolled to Represent Taxpayers Before The IRS
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Tax Professional: Marvin,EA, Enrolled Agent replied 9 years ago
There is one thing about adding your name to your son CD, both you and your son would be responsible for reporting the interest earned to the IRS. The amount of interest earned will be in both you and your son name and Social Security Numbers.
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Marvin,EA
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Marvin,EA, Enrolled Agent
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