Starting a small business? Already own one and have questions? Ask the experts in AARP's small business roundtable discussion.
by AARP Tax-Aide, AARP, February 1, 2008
Q: My dad passed away last year. He had several CDs that were jointly owned by my sister and me. Who is responsible for paying taxes on the interest on those CDs? Do we split these 50/50?
A: Joint owners having equal rights split the interest income based on the number of joint owners. Any interest credited to the account prior to the date of death of one of the joint owners belongs to all the owners at that time. Interest credited to the account on and after the date of death belongs to the new owners.
These questions are actual inquiries submitted by taxpayers to our AARP Tax-Aide Program. The AARP Tax-Aide Program is a volunteer-run, free tax-preparation and assistance program offered to low- and middle-income taxpayers with special attention to those age 60 and older. Our volunteers are trained and IRS-certified to understand individual federal-tax issues. Our volunteers provide tax assistance as a public service and cannot guarantee the accuracy of the information provided.
Please leave your comment below.
You must be logged in to leave a comment.
Members save 20% on purchases or $20 when they spend $79.99 or more.
Exclusive program for members from The Hartford.
Get tips and resources to protect yourself from identity theft.
AARP members receive exclusive member benefits & affect social change.
You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits.
Your email address is now confirmed.
Manage your email preferences and tell us which topics interest you so that we can prioritize the information you receive.
Explore all that AARP has to offer.
In the next 24 hours, you will receive an email to confirm your subscription to receive emails
related to AARP volunteering. Once you confirm that subscription, you will regularly
receive communications related to AARP volunteering. In the meantime, please feel free
to search for ways to make a difference in your community at