In the case of a bank account, an investment account, a savings account, etc. the account holder is responsible for paying income taxes on interest paid or other profits. In the case of a credit account such as a credit card, or a store account, the account holder is responsible for paying the bill.
Related Fool Articles
Recent Mentions on Fool.com
- Why Ocwen Financial Corp Is Getting Rid of this $89 Billion Portfolio
- What Will Happen Friday, When Windstream Communications Splits In Two?
- 4 Things to Watch When Pandora Media Inc. Reports Earnings
- 5 Perfectly Legal Ways You Could Use Your Retirement Savings Early
- 3 Gaming Industry Trends Threatening the Future of PlayStation and Xbox
- How Can I Make Travel Cheaper With a Credit Card?