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mary_tom_2000
New Member

My parents are deceased. The bank account is in my father's name. I am on the account so the account is now mine. Should I claim the interest income of about $10.00 on my tax return?

 
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GeoffreyG
New Member

My parents are deceased. The bank account is in my father's name. I am on the account so the account is now mine. Should I claim the interest income of about $10.00 on my tax return?

Please first let us express our condolences on the loss of your parents.

With respect to your tax question, as the bank account is now yours (either via inheritance or by virtue of joint tenancy with right of survivorship), so is the reporting and taxpaying responsibility of any interest earned now yours as well.  Thus, you are correct that you should include the $10 (or other) amount of taxable interest on your personal income tax return.

Thank you for your inquiry, and once again you have our sympathies.

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GeoffreyG
New Member

My parents are deceased. The bank account is in my father's name. I am on the account so the account is now mine. Should I claim the interest income of about $10.00 on my tax return?

Please first let us express our condolences on the loss of your parents.

With respect to your tax question, as the bank account is now yours (either via inheritance or by virtue of joint tenancy with right of survivorship), so is the reporting and taxpaying responsibility of any interest earned now yours as well.  Thus, you are correct that you should include the $10 (or other) amount of taxable interest on your personal income tax return.

Thank you for your inquiry, and once again you have our sympathies.

View solution in original post

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