<p>MODERATOR’S NOTE: I deleted the bickering. Please refrain from any more of it or I will close the thread, which would be a shame since it’s a useful one.</p>
<p>Calling a celebrity a moron is not a TOS violation. Just don’t say it about another member!</p>
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<p>You may also be breaking the law. Comingling, hello gift taxes.</p>
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<p>What does co-mingling have to do with gift taxes? Gift taxes are only triggered if there is a gift.</p>
<p>Might it look like a gift if a lot of money is transferred into your account? I guess you would just have to show that the money was taken out again by the “giver.”</p>
<p>Well, one saving grace is that with interest rates so low, if the checking account is an interest bearing account, the person whose SSN is on the account won’t be paying much in taxes on the interest.</p>
<p>As an aside, when older s sold our old/his car (we transferred title to him) for the first car he purchased (when he was 22), he was able to get his own financing and get a very good rate because he had a solid credit history, with several years of credit cards, utilities that had been in his name in college, savings, a checking account and a job. Without that the credit union that financed is car would have turned him down or given him a very high interest rate on the loan. Can’t emphasize enough how important building up one’s OWN credit history is.</p>
<p>Our accountant has stressed that being self employed we should not show money going into our checking account that are not our earnings unless there is a clear trail of it going back out. H did not like it when I would sometimes put in fundraiser cash unless their showed a clear trail of it going back out in the form of a written check. The same with the kids. If my 17 yr old needs a check written she will take the cash out of her savings and we deposit it in my checking and I write the check. Clear records.Being the subject of an IRS audit a few times makes you thankful for clear and clean records.
My kids all have their own accounts. I have the password for some of them. My 17 yr old is chomping at the bit to get her own checking account and a debit card. We would like for her to get a credit card in her name when she turns 18. She has some income so we are hoping she can get one.
Oldest got a student credit card through Wells Fargo. It was a combo checking,savings and credit card package. With my S when he was ready for college we got him a checking account at Wells Fargo but felt he was not ready for the credit card. Last May when he was ready to graduate I had him apply online through his online banking with Wells Fargo for the student credit card. I didn 't want him to have a problem getting a card down the road due to lack of credit history. He doesn’t carry the credit card unless he is traveling.
My two D’s have picked up from H and me that you don’t buy things you can’t afford. Paying interest is like throwing money away. My oldest only uses her card occasionally and for ease when she has no cash on hand. My younger D I trust will use the credit card for purchases and pay the bill each month in full. H and I both have never carried a credit card balance.
Another reason we don’t like our kids having debit or credit cards linked to our accounts is that if they get lost you are risking your money. My S would not have a clue if he accidently lost a debit card linked to my account out of his wallet for months. Plus I don’t think my kids need to know how much money H and I have.</p>
<p>Thread closed due to endless bickering.</p>