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Tax Question: Mom and Son have joint overseas bank account?

Tax Question: Mom and Son have...
Tax Question:
Mom and Son have joint overseas bank account? How is the interest reported? 50/50? Does it matter? IRS Please provide references.
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Answered in 4 minutes by:
4/13/2018
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Report the amount of interest that actually belongs to the joint bank account holder underneath all of your interest income as a "Nominee Distribution." ... Only the amount of interest you actually earned counts on your income taxes. Your joint account holder must report the remaining interest on their income tax return.

26 U.S. Code § 6049 - Returns regarding payments of interest

If you do not want see the actual tax law you can always look to the instructions on Schedule B Nominee interest

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Customer reply replied 4 months ago
I’m confused. Okay. Joint bank account with Mom earns $100 interest. Is $100 interest report on both returns with $50 nomineee? Only on Mom’s return?

Each report $50

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Customer reply replied 4 months ago
Ok. Does anyone need to report nominee then?

The person that received the 1099INT reports the $100 and then reduces to show the $50 the son reports $50

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Customer reply replied 4 months ago
But it’s foreign
Customer reply replied 4 months ago
No 1099-INT is issued
Customer reply replied 4 months ago
is it just 50/50?

Then they report the foreign interest 50/50

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Did that clarify?

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. and 87 other Tax Specialists are ready to help you
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Good. Thank you

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Customer reply replied 4 months ago
Thanks!

You are most welcome

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