Do I have to disclose my savings when I file for taxes and do I have to pay tax on my savings?

Asked 10 months ago - Baltimore, MD

I am trying to refinance my home and I have been saving. Do I have to disclose all my bank savings when I file for taxes? If I do, do I have to pay taxes on my savings or only on the interest earned from my savings?
Thanks

Attorney answers (3)

  1. Craig Meyers

    Contributor Level 12

    1

    Lawyer agrees

    Answered . You should have already paid taxes on that money when you earned it. If you are receiving interest, then your bank will send you a form so you can declare the interest, but not the balance.

  2. Paul Rutledge Durr III

    Contributor Level 14

    2

    Lawyers agree

    Answered . You do not report account balances to the government (unless you hold accounts over 10,000 in foreign countries), you only report your taxable income. Interest earned on savings is generally taxable income and you pay tax on that income.

  3. Dara J. Goldsmith

    Pro

    Contributor Level 14

    Answered . I agree with Attorney Durr, but if you have withdrawn retirement monies from a retirement account and are referring to those monies as "savings," then they are taxable. I urge you to speak with a CPA about completing your taxes. It is money well spent.

    This response is not intended to create an attorney client relationship. The response is solely intended to... more

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