The joint account: when you really take a risk with the tax authorities

about Common Current Account It is understood that the deposit in any credit institution is attended by two or more persons. The types of joint accounts are: with a separate signature, in case the holders have equal rights to use the deposit, and with a joint signature, where in order to carry out operations, all joint holders are required for withdrawals, issuance and disposal of checks Telegraphic Transfers.

Possible controls by tax authorities

The joint bank account is subject to strict controls by tax And if you do not follow the rules with servitude, you easily risk incurring severe penalties. It is therefore advisable to pay close attention when performing any kind of operation, specifically to avoid making a mistake. One wrong move can highlight the banknote andrevenue agency He can initiate the necessary checks to find out if there has been a violation on the part of the taxpayer.

The most common mistake to avoid

One of the most common misunderstandings, involving many account holders, is the belief that half of the money in the joint deposit is owned by both co-owners. This is not true at all, as confirmed by a ruling Court of Cassation No. 25684 dated September 22, 2021 The money goes back to whoever pays it in the account. Judgment refers to verification by the tax authorities against a married couple couples. The husband had taken the money without the consent of his wife thinking that it was his property, but in reality it was only the woman who deposited it, and therefore it was her property. The Revenue Agency imposed additional taxes on her husband’s withdrawals. The Supreme Court agreed with the IRS that the amount withdrawn is added to the spouse’s taxable income.

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