You are currently browsing comments. If you would like to return to the full story, you can read the full entry here: “would he owe taxes?”.
would he owe taxes?
This entry was posted in Homes For Sale and tagged amount, certificate, Home, Income, income tax return, man, money, sale, sum, sum of money, tax, wonderful man, year. Bookmark the permalink.
6 Responses to would he owe taxes?
No, the interest earned on the CD is counted as income. If he cashed the CD, he gets stuck with the interest.
free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com
Report Spam/Abuse
Wow. Sorry you had this happen.
You should ask the bank – they should be able to tell you if there is a tax liability on CDs when cashed out. Most likely it would just be on interest income – just depends on where he got the 1/3rd that he put in.
free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com
Report Spam/Abuse
Wow you had to pay taxes on the sale of your home. Most home sale are tax exempted if you lived in it for 2 of the last 5 years.
I would report it to the police as theft and have him charged with it and since it’s a good amount, it would be a felony.
free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com
Report Spam/Abuse
IT all deponds on whole ss # the bank placed on the account. Be happy you didnt marry him
free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com
Report Spam/Abuse
the interest is taxable and it is probable that you are he are liable for the taxes as it was a joint account. I would check with the bank as ask someone there, they should beable to tell you.
free useful articles and tips on almost any topic- http://www.free-articles.blogspot.com
Report Spam/Abuse
You want to see whose SS# was listed first on the account, that is who the 1099-int is going to be issued to. That is the person who the IRS is going to expect the income to appear on the taxes. However if it is your name and SS# and you didnt have any of the money, you would want to reissue a 1099-int from your name and SS# to his name and SS# include copy A along with a 1096 to the IRS by Feb of next year so that the IRS will know that the income was truly not yours.
I work for the Dept of Treasury and this information can be found in a publication 550 from http://www.irs.gov
Report Spam/Abuse