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Can I keep a secret bank account my husband doesn't know…

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Can I keep a...

Can I keep a secret bank account my husband doesn't know about and will never be claimed on income taxes? This includes gifts of money and potential inheritance.

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divorce might be in the future.

Submitted: 5 months ago.Category: Tax
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11/13/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

There is no law against a husband and wife having separate bank accounts and I am sure that this is done quite frequently. As far as you keeping it secret, that would be something that you would need to make sure of. Unless you're receiving interest earned on funds in the bank account, funds in a bank account are not reported on your taxes. Also note that on the federal level, an inheritance is not taxable income, not is a monetary gift taxable income. There are a few states do impose taxes on inheritances.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 5 months ago

I meant to write...nor is monetary gift taxable income.

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