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
- Good News! Bank of America Lost $6 Billion in Income
- The Best Ways to Pay for Your Child's College Education
- Home Depot's Data Breach Was Worse, But Target Was Punished More. Why?
- Before Giving Money to Family, Make These 5 Critical Steps
- The New Way Subprime Auto Lenders Compel Borrowers to Pay Up
- The Only Way You'll Ever Catch Up to the 1%