Does coownership of a bank account have tax implications?

Who does the money belong to in a joint account?

both owners

The money in joint accounts belongs to both owners. Either person can withdraw or spend the money at will — even if they weren’t the one to deposit the funds. The bank makes no distinction between money deposited by one person or the other, making a joint account useful for handling shared expenses.

What are the disadvantages of joint account?

Cons of Joint Bank Accounts

• Access. A single account holder could drain the account at any time without permission from the other account holder(s)—a risk of joint bank accounts during a breakup.
• Dependence. …
• Inequity. …
• Lack of privacy. …
• Shared liability. …
• Reduced benefits.