Help with IRS 709

[boater07]

I have joint savings account with my daughter. If she withdraws from that account-do I have to file form 709?

[toddthebod]

I have joint savings account with my daughter. If she withdraws from that account-do I have to file form 709?

Is she withdrawing more than she put in, and is it more than $18,000 more than she put in? Also are you married? How old is your daughter?

[boater07]

I'm not asking for the rules of gifting. Obviously well beyond that.
I have a large savings account on which I made my adult daughter joint owner.
She contributed nothing and my intent is to eventually deed it to her in total.

My question is really more whether naming her as joint owner is a gift when made
or when she withdraws. Just naming her didn't give her anything yet.

[toddthebod]

I'm not asking for the rules of gifting. Obviously well beyond that.
I have a large savings account on which I made my adult daughter joint owner.
She contributed nothing and my intent is to eventually deed it to her in total.

My question is really more whether naming her as joint owner is a gift when made
or when she withdraws. Just naming her didn't give her anything yet.

Yes, every time she withdraws money you have made a gift to her. Whether you have to file form 709 depends on the answers to the questions I asked above.

[boater07]

Thank you. That was my assumption

[Perkunas]

See section (h)(1) from the code.

https://www.law.cornell.edu/cfr/text/26/25.2511-1

[boater07]

WOW That's way over my head with all the qualifications.
I'll simply stick to filing 709 when she withdraws from account.
Thank you

[toddthebod]

See section (h)(1) from the code.

https://www.law.cornell.edu/cfr/text/26/25.2511-1

(h)(4)

If A creates a joint bank account for himself and B (or a similar type of ownership by which A can regain the entire fund without B's consent), there is a gift to B when B draws upon the account for his own benefit, to the extent of the amount drawn without any obligation to account for a part of the proceeds to A. Similarly, if A purchases a United States savings bond registered as payable to “A or B,” there is a gift to B when B surrenders the bond for cash without any obligation to account for a part of the proceeds to A.