I am power of attorney for someone and holding their assets in a savings account in their name in my bank. I have access to their funds, do I claim interest on my filing?

warrenmurphy61 · ‎January 10, 2024

They are unable to obtain banking for their inheritance funds. I can use their funds to pay their interest tax accrued.

MarilynG1 · ‎January 10, 2024

Are they required to file a US Tax return? Will you be preparing their tax return? If so, you will report any interest they receive on their return and pay any tax due for them with their funds.

Be sure to keep good records of all transactions you do on their behalf.

Here's more info on Filing Requirements.

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Bsch4477 · ‎January 10, 2024

No. The account should have their social security number associated with it and any earnings would be reported on their return.

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I am power of attorney for someone and holding their assets in a savings account in their name in my bank. I have access to their funds, do I claim interest on my filing?