topic there is no tax implication. There is a reporting implica... in Get your taxes done using TurboTax

Can my father send money as gift(Max $15000/person), to me, my spouse and my daughter without any tax implication in the US? Can money be deposited in a single account?

sagar_bathe — Tue, 04 Jun 2019 20:23:09 GMT

Continuing with 2nd question, my wife and I have a joint account in the US and my daughter (11 years) does not have an account. Can all the gifts (to 3 of us) be deposited in the joint account or I need to open an account for my daughter?

there is no tax implication. There is a reporting implica...

fanfare — Tue, 04 Jun 2019 20:23:11 GMT

there is no tax implication. There is a reporting implication for the donor if a US citizen.

When the gifts are within the limits per person, no reporting is required.

Thanks for you reply. Do I need to create a new account f...

sagar_bathe — Tue, 04 Jun 2019 20:23:12 GMT

Thanks for you reply. Do I need to create a new account for my daughter to deposit the gift money or it can deposited in my account?

my sister failed to create a separate account for her son...

fanfare — Tue, 04 Jun 2019 20:23:14 GMT

my sister failed to create a separate account for her son, and that cause serious contention down the road. She spent his money !