An initiative that could cost you dearly

Pay attention to tax checks on the joint account, as there is a gesture that can cost you dearly. Let’s get into the details and see what we should know.

Bad news for many owners A common account Because they risk ending up under the magnifying glass of the tax authorities.

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The Money They do not bring happiness, but undoubtedly help to solve many issues. From food, through to clothes, to bills for home users and various daily needs, on the other hand, there are many expenses to incur. Therefore, given its importance, it is not surprising that Money It often becomes a topic of discussion.

The last position, which can occur, for example, in the presence of a A common account, with many risking a potentially costly mistake. If all this isn’t enough, the joint computation may end up under the magnifying glass of tax authorities who can decide implementation. checkups. So let’s get into the details and see all there is to know about it.

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Joint account, pay attention to tax checks: in this case you have to pay personal income tax

We have already seen together How to remove a name from a joint bank account. On the other hand, this type of checking account is increasingly used and is generally signed by the wife and husband or to manage, for example, the income and expenses of a company. Regardless of the interested parties, in any case, the credit institution clearly offers to report the name of the different account holders.

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When we speak of a joint account, we think, in theory, that the money in the latter belongs to a limit of 50% of both joint shareholders. But in fact, we should know that this is not the case. Based on what emerges from the sentence Court of Cassation No. 25684 of September 22, 2021, in fact, i The money goes back to whoever pays it.

It must be remembered that the matter in question was born after an investigation by the tax authorities against two couples. In the aforementioned case, the husband withdrew a sum of money from the joint account, without telling his wife, implicitly believing that the money had been donated to him. His wife, in turn, had previously paid money that she earned exclusively.

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Well, according to the Revenue Agency, the amounts withdrawn by the spouse should be subject to tax collection. This is because only the wife pays the money into the account. Well, the Supreme Court has agreed with the tax authorities and that’s why the amounts withdrawn by the other owner can be Taxable for personal income tax purposes by the Revenue AgencyIt will be added to your taxable income.

Thelma Binder

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