My 25 year old son and I have a joint savings account. He will be receiving into this account $750k from the sale of a long term cap gain. Will I have any tax liability? He is going to claim all the gain on his taxes but I'm nervous about having my name on this account. We've had the account for 4 years. Thanks so much!
Is the asset being sold within the account or did your son sell an asset in another (presumably individual) account and is now transferring the proceeds to the joint account?
No the proceeds are being wired into this account.
I have another question. I just looked at the irs.gov website and it shows 0 balance for all years expect for 2021 where there is a ? with the word info. See below for their wording. Does this mean they are looking at the return? We didn't make any adjustments. Now I'm worried.
They said your information is not available at this time. If you requested an adjustment to your account your info will not be available until that transaction is complete.