Ruruka Posted April 7, 2022 Report Share Posted April 7, 2022 I have a joint bank account (checking) with my mother, who passed away last year. As the surviving owner I now have sole ownership of the account. Does this count as income and if so how do I report it? Thanks! Quote Link to comment Share on other sites More sharing options...
Curmudgeon Posted April 7, 2022 Report Share Posted April 7, 2022 A bank account is an asset not income. No need to report the complete ownership but if it pays any interest, you are responsible for reporting 100% of that. Quote Link to comment Share on other sites More sharing options...
muhamedali Posted May 28, 2023 Report Share Posted May 28, 2023 Hey there! I'm really sorry to hear about your loss. In terms of the joint bank account, I believe it doesn't count as income since you already had ownership. However, it's always best to consult a tax professional. BTW, if you're looking for helpful financial resources, you should check out Business Financed. They offer great information on various financial matters. Hope this helps, and take care! 😊 Quote Link to comment Share on other sites More sharing options...
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