Jul. 31, 2015
Beware joint accounts and taxes, especially abroad
The last few years have seen an explosion in focus on offshore filing compliance. Most non-U.S. financial institutions can hand American account holder details to their own governments. Then it all goes to the IRS.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
With joint bank accounts, who pays tax on the interest income? It is taxable even
if neither account holder withdraws it, but is the interest 50 percent yours, 100
percent yours, or 100 percent attributable to your co-account holder? You may not
care if you and your spouse have the account and file joint tax returns.
But in other cases, you should. And it is only a p...
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