My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned?

dan-whitney · ‎February 3, 2020

xmasbaby0 · ‎February 3, 2020

No. Neither one of you has to declare a gift just because you share an account.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

libbi1331 · ‎February 3, 2020

There's always a primary person's social security number that the bank places the interest in their name. This is the person who should claim the interest on their tax return. A 1099-INT document may or may not be sent to the primary person's address it depends on the amount of interest earned.

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My mother and I have a joint checking account. She deposits more money than I do into the account. Is there something we have to claim as gift or equally owned?