i am a U.S. resident. i recently have a baby girl and my mom came from taiwan to help me take care of her. she is not a U.S. resident. she wants to open saving/checking accounts with first union bank here and wire some of her money (around $30,000) from taiwan. since she may go back to taiwan for couple of weeks then come back here in the future, she wants me to open a joint account with her so that i can take care of her money if she is back in taiwan.my question is : will i be taxed for the money of her in the joint account? if the answer is yes, is there a way to avoid the tax? ***As a resident, you would be taxed on your interest income. As a non-resident alien, interest in your mother's account would generally not be taxable (see below). I can find no U.S.- Taiwan treaty (I do not believe there is one). Any Taiwanese tax consequence is something your mother will have to discuss with a knowlegeable person in that country. Nonresident aliens can exclude the following items from their gross income.InterestU.S. source interest income that is not connected with a U.S. trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business,Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), andAmounts held by an insurance company under an agreement to pay interest on them.Hope this helps!=:)"Jack"
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