Having a joint account is an option that many Italians make. But as we’ll see, the stakes are strong on the financial front.
Especially these days, then, with the general increases in account-keeping costs, many Italians believe that having one account instead of two can be a huge advantage and savings in economic terms.
Between husband and wife only one account instead of two accounts definitely means halving expenses, But it also means putting yourself in the tax man’s sights. Let’s see why the revenue agency keeps joint accounts under special control and what should be avoided to spark dangerous and troublesome investigations. Joint accounts are of two types. They have a separate signature when each of the two or more joint holders can freely dispose of the entire amount. On the contrary, co-signed jointly signed accounts are those in which the signatures of all the different shareholders are always required to act in different operations.
This is why the tax authorities are watching them carefully
The Revenue Agency especially monitors joint accounts because if many Italians are in good faith they are simply a means to the economy For scammers, it can be a way to reduce what one actually owns and appear poorer than they actually are. In this particular regard, the ruling by The Court of Cassation, in particular No. 25684 of September 22, 2021 that determines how the money will be returned to the one who pays it into the account. It is the newspaper that reminds us of this important illustration.
When the tax authorities are upset
Therefore, it is not true that the funds in the joint account automatically become half of one joint owner and half of the other or in any case equally divided among all the different shareholders even if they are more than two. The Supreme Court decided that the money belongs to whoever pays it. This is very important because to reduce taxable income and thus escape from the tax authorities Some believe that arguing about their accounts with relatives or other people may appear to the tax authorities economically weaker Hence less taxable. Thus, opening a joint account means putting taxes in doubt.
In fact, when you have a joint account, the tax officer can easily suspect that those who carry out this operation can do so precisely to appear poorer than they really are, and stash their money in a series of accounts which will appear as such only in part of the topic. But what do you do to avoid unwanted attention? Certainly, having multiple joint accounts possibly with different people can be very suspicious and trying to lower the taxable amount by disguising that the ownership of the money is not the property of the individual is definitely the wrong way.
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