Joint Account Features
When an account is owned by more than one individual, it is technically called a “joint” account. A joint account is an account in which more than one party can access and trade in the account. Upon opening a joint account, each party must sign the new account form, which also operates as a joint party agreement. The joint party agreement specifies the details and rules of the account. Likewise, an account cannot be closed without all the joint owners agreeing to close the account..
A joint account functions virtually the same as an individual account when it comes to taxes, with each individual’s share of the profits or losses being reported on their individual tax return. However, a joint account functions slightly differ