QUESTION
Can I be liable for the taxes of my significant other?
Asked on Mar 14th, 2011 on Taxation - Illinois
More details to this question:
If I am single, and claim single on my tax return, and share a checking account with my loved one, am I responsible in the event of that person owing taxes or an audit just because we live together and share the same banking account?
1 ANSWER
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You should not be liable for any tax debts of a significant other, even if you live together and share a joint checking account. However, IRS can levy your joint bank account if she does not pay her taxes, or reach some agreement with IRS for payment.
Answered on Mar 17th, 2011 at 1:16 PM