Skip to content

Death of CD Owner - Interest Reporting

Answered by: 

Question: 
We have a CD with a father as the primary owner and his two children as co-owners. The father passed away. Does the interest get reported to the father’s social security number up until the date of death?
Answer: 

If the three depositors were co-owners of the account, reporting of the interest could be made under the Social Security number of any one of them. If the number used was the father's, the interest reported should not include interest earned after his death. The interest after death should be reported under the Social Security number of one of the surviving owners of the account.

First published on BankersOnline.com 8/03/09

First published on 08/03/2009

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics