0
Yes and No. Yes, if the money is commingled with other marital money - i.e. deposited into a joint checking/savings account. No, if the money was deposited into an individual account of only the specific spousal recipient and no additional marital funds are ever added to that account. However, should portions of the received money ever be used to pay for a portion of or a total expense (i.e. kitchen remodel, down-payment on a car, etc) then that item or remodel cost could be deemed to have become marital property.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What tax is payable on a gift of 10000 from a parent to an adult child?
no tax if that is the only gift of that calendar year
Where to enter child's w2 income?
On the child's Form 1040, 1040A, or 1040EZ. A separate tax return must be filed by the child (or for the child if the child is too young). A parent cannot report a child's W-2 income on the parent's tax return. The only time a parent can report a child's income on the parent's return is if the kiddie tax applies and the child's only source of income is interest and dividends.
If child lives with higher income parent who claims on taxes every year?
The parent who is considered the custodial parent.
What is a parent company account?
Parent company account is the parent's company in consolidated financial statments where parent and child relationship exists in group accounting.
Can you claim a child's college tution on parent's taxes?
YES
Can an adult child sign off on a lien his parent has on property to reliquish his absent parent of child support obligation?
Only if the obligee parent is deceased and with the approval of the court.
How do you legally put an adult child out of the house if one parent agrees to let the adult child stay?
I believe you could get a restraining order against an adult child if he/she is threatening you or your personal property.
Can a parent get medical records of an adult child?
A parent can get the medical records of an adult child if the adult child gives express permission.
When an estranged parent dies does the grown adult child get anything?
Whether a grown child is estranged from his or her parent does not affect that child's right to inherit from the parent. The grown adult child's right to inherit ("get anything") depends on three things. First, does the adult have a will and is the adult child named in the parent's will? If so, the adult child will inherit, even if he or she is estranged from the parent. Second, if there is no will, then the laws of intestacy determine who gets the property of the dead parent. These laws vary from state to state and are determined by the state of residency of the dead parent. Often, assets of a dead parent are split between a surviving spouce and children under such laws. Lastly, the adult child could inherit ("get something") if he or she is named as a beneficiary on a life insurance policy, brokerage account, bank account or if he or she is a joint tenant or tenant in common on a piece of property or other asset. These assets pass outside of the dead person's estate and that person's will.
If a parent of two sells his property to help with the purchase of a property for one adult child prior to his deathdoes the other child have any claim on his sibling on the death of the parent?
In most cases, no, unless it was done within two years of death.
Can an adult child sue a non custodial parent for the parent's assets?
Is this a trick question? If the child is legally an adult (and therefore 'emancipated') then there is no "custodial" parent.
Can an adult sue a father for not paying child support?
No, the child can not. The other parent could before the child was an adult. The money goes to the parent to use for the child and not directly to the child.
Can a parent take possession of property if an adult child dies intestate?
If they have no spouse and no issue. Otherwise the spouse has first rights to the estate.
If an adult child is staying with their parents temporarily does the adult child have legal rights to their parent's residence because they receive mail at their parent's address?
Receiving mail as a guest in your parents' home does not give you any legal rights in their property. You may be entitled to notice under state laws if they want to evict you but you have no other rights in the property.
If a parent of an adult is getting back court ordered child support and the parent is gambling it away can the adult child get it directly?
extremely unlikely
Is an adult child of a deceased parent responsible for foreclosure debts?
Not unless they were listed on the deed of the property that was foreclosed. The estate is responsible for settling the debts.
Can adult child waive arrearages?
No. The custodial parent is/was the obligor, not the child.
