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#1
02-05-2004, 03:31 AM
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 Re: Joint Broker Account ! JaYY wrote: - quote - > Hello, My father and I have a joint broker account.. It is
If he is the owner in fact, he is the one responsible for> all his money.. I am just joint holder of acct...But i was > wondering when they send 1099 to us would I be Liable for > paying taxes.. Because it all his money.. On the other hand > , I also have my separate Brokerage account with same > company.. But that is exclusively mine.. I do pay taxes on > it. If from the joint broker account my father takes the > deduction and I don't.. so I was wondering then for any > gains in future I wouldnt have to pay any taxes because I > didnt take the deduction this year. reporting any income. -- Alan http://taxtopics.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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02-04-2004, 03:33 AM
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| Re: Joint Broker Account ! druppycuz[at]hotmail.com (JaYY) writes: - quote - > Hello, My father and I have a joint broker account.. It is
As long as his SSN is on the account you won't have any> all his money.. I am just joint holder of acct...But i was > wondering when they send 1099 to us would I be Liable for > paying taxes.. Because it all his money.. problem. If your SSN is on the account, submit a revised W-9 to the brokerage and see "nominees" in the Schdule B instructions. - quote - > On the other hand, I also have my separate Brokerage account
And that account should have your SSN on it.> with same company.. But that is exclusively mine.. I do pay > taxes on it. - quote - > If from the joint broker account my father takes the
I have no idea what you're talking about here.> deduction and I don't.. so I was wondering then for any > gains in future I wouldnt have to pay any taxes because I > didnt take the deduction this year. Phil Marti Topeka, KS << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
02-03-2004, 06:59 AM
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| Joint Broker Account ! Hello, My father and I have a joint broker account.. It is all his money.. I am just joint holder of acct...But i was wondering when they send 1099 to us would I be Liable for paying taxes.. Because it all his money.. On the other hand , I also have my separate Brokerage account with same company.. But that is exclusively mine.. I do pay taxes on it. If from the joint broker account my father takes the deduction and I don't.. so I was wondering then for any gains in future I wouldnt have to pay any taxes because I didnt take the deduction this year. Thanks for any advice. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| account, broker, joint |
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