Doing taxes on a "joint account"

Discussion in 'Taxes and Accounting' started by farmerjohn1324, Jan 5, 2022.

  1. I may establish an agreement with someone where our money is pooled in the same brokerage account, which is only in one of our names. I'm trying to figure out if the taxes would be solely the responsibility of the owner of the account? In which case, it would rely on gifts from the other person to make up for that?

    So even if we kept track of everything "off the books," the IRS doesn't care about our "off the book" accounting. They only care about who owns the account legally. Is that correct?
  2. Robert Morse

    Robert Morse Sponsor

    I’d be happy to discuss this and make suggestions offline if you want to give me a call later. In a joint account only the primary gets a 1099. Using a joint account for a partnership is messy.
  3. It's not a joint account technically. It's fully owned by just one of us.
  4. No. But for certain reasons, it makes sense to do it this way for now.
  5. Robert Morse

    Robert Morse Sponsor

    Same mess.

  6. Ok. I'm not worried about "messy," I'm worried about being legal.
  7. Robert Morse

    Robert Morse Sponsor

    There is only so much I can help in a public forum.

  8. What's the point of chiming in a public forum if you don't want to share any of your thoughts in public. At least be honest enough and say you are fishing for sales leads, only.

  9. I have the exact same question. I and my wife restructured our investment architecture.

    We now both own a legal joint brokerage account (joint status) and we both are full time involved managing our investments. Can we split the entire profits in the account in half and she declares her half in her own sole tax return and I do the same with mine?

    I know, we will consult a tax accountant soon but does anyone have experience doing that?

  10. Robert Morse

    Robert Morse Sponsor

    I'm restricted by compliance to the type of questions I can answer in a public forum as we are regulated by FINRA. If I breach their rules, I lose my permission to participate here. In addition, to give real meaningful advice, I need more details to provide choices. We do not have that yet. Any advice given here without real information is meaningless. I'm sorry you think I'm only here to bring in business but if talk to others that have contact me, I provide a lot of information to those that will never open an account with me.

    #10     Jan 5, 2022