topic 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? in After you file

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 — Tue, 10 Feb 2026 10:09:22 GMT

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

Re: I am power of attorney for someone and holding their assets in a savings account in their nam...

MarilynG1 — Wed, 10 Jan 2024 20:25:49 GMT

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.

Re: 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?

Bsch4477 — Wed, 10 Jan 2024 20:26:08 GMT

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