Greetings. My wife is listed as a co-owner on several SBs purchased by her dad and she was asked to cash the bonds and send monies to her parent’s checking account - to help cover costs for his hospice care.
Since my wife and I file jointly, is there any way we can defer paying taxes on this “income”?
From what I know, the family decided on paying for a 24-hr care giver, which is why my wife was asked to cash bonds and send monies to her sister. (So, we didn’t pay any one / any company directly. They were paid from her parent’s account.)
BTW, I’ve been a Taxact kind of guy for several years and am not in contact with any CPA. Hoping it could be an easy answer ... but who am I kidding?!?! There is no “easy answer” when it comes to irs! 😞
Blessings to each of your loved ones and to each of you!