especially if the two aren't married and one is a non-resident and one is a resident
2007-06-13 14:15:53 · 4 answers · asked by Frank F 1 in Business & Finance ➔ Taxes ➔ United States
I would bet the resident. Of course, if you don't pay your taxes, the IRS will come after whomevers name is on the account. If you mean to say, who should pay taxes on the interest earned, there is wording in the tax code that tells you how to handle same.
2007-06-13 14:20:32 · answer #1 · answered by ajetter2003 2 · 0⤊ 0⤋
There are no taxes on having a bank account. In theory, there are still taxes on any interest that the bank pays you. However, this is not enforced if the interest is under $10 per year. At current interest rates (typically on the order of 0.1%), you would need at least $10,000 in the bank account for it to be an issue. Even with that balance, the tax would be less than $3.
2016-05-19 22:08:57 · answer #2 · answered by renate 3 · 0⤊ 0⤋
The IRS really doesn't care who files; so I believe you have a choice.
You can make a personal arrangement with your partner and report the entire gain or loss on your return. (if you both have a social security number, either one of you can file)
If you both have an SSN, you can file separate returns and report the earnings after calculating the share that goes to each.
2007-06-13 14:27:35 · answer #3 · answered by livemoreamply 5 · 0⤊ 0⤋
Both are. Residency doesn't matter.
2007-06-13 16:03:01 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋