KEBSCHULLW[at]aol.com wrote:
- quote -

But if the 1099 is in Mother's name/ssn, obviously the account has never
been transferred--probably because nobody supplied the brokerage the
proper notification which normally would require a certified death
certificate, terms of will (unless registered w/ TOD), etc., etc., ...

While reporting income as it was distributed between inheritors is ok,
you'll undoubtedly generate a letter from IRS telling you to fix the
problem w/ the payor.

Based on results here of a foot-dragging lawyer never sending in a
required form, it will also probably prevent IRS from having as yet
marked mother's account as deceased. Just went thru it -- which reminds
me, I still have to bug the lawyer--he's still not done his part after I
filled out everything except a legal detail last October to try to get
it done before yet another calendar year passed...

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On Apr 1, 3:29*pm, Wally <w_co...[at]hotmail.com> wrote:
- quote -

You would get a step-up in basis to the value of any stock at the time
of you mother's death. When the stock is sold you / brother would pay
tax on the capital gains from the time of your mothers death to date
of sale. In any event the capital gains would be long-term. Interest
on bonds up until the date of your mother goes on your mother's
return. Interest on bonds after date of death goes on your /
brother's return.

Hope this helps.

WDK

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

My mom passed away in 2007 and my brother and I equally obtained her
investment portfolio of bonds and such.

A 1099 R was sent in my mom's name and the account should have been
TOD divided between my brother and me but it apparently slid thru the
cracks of the brokerage firm.

The 1099 has my mom's ss #. Do my brother and I have to put the
interest principal and cap gains (half each) on our Federal 1040
returns or can it still go on my mom's return? There is no estate.

Thanks.
W

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >