Client was a minor when his mom passed away. His aunt held a sum of money left by his mom for him with the intention to pass the money to him eventually. Form 1099-INT of the interest income is issued to his aunt by the bank under his aunt's tax ID. His aunt wants client to report the income since that is technially his money. They asked me what to do.
My advice is for his aunt to issue a Form 1099-INT to client as nominee interest. Is it the correct advice?