Nominee Interest

Description and Definition of Nominee Interest

Interest received on behalf of another person. If your name and taxpayer identification number are on an account but all or part of the income actually belongs to someone else you must file Form 1099-DIV and the other person must report the income on his or her own tax return. You then report a nominee interest adjustment to reduce your taxable income.

Resources

See Also

Further Reading

• Nominee Interest in the West's Tax Law Dictionary
• Nominee Interest in “A Dictionary of Taxation”