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| *Loan,banking and credit>>>tax accounting |
Non resident and residents holding joint bank accounts. What happens for taxes? |
I understand the first name in a joint account is liable for the tax. If the first name person is a non US resident but two subsequent names on the account are residents, then are the residents violating any tax law if they dont declare income from this account? My elderly uncle is a non resident with a US bank account. He is the prime account holder and its really his money. The childrens names are on the account because of his advanced age. His son and daughter have become US residents in the last year. Their names were on the account when all were non US residents. Now with their new immigrant status what happens to them re. the tax? Or is it just my uncle who is responsible for tax and since he is non resident basically there is no tax to pay. finally a decent question.... this pretty much covers it http://www.irs.gov/publications/p519/ind... The account holders can be listed in any order, it's the social security number that they will look to for any income tax due. Non-residents are subject to taxes just like residents, only they don't get the deductions. |
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