For a joint brokerage account with an unmarried couple, can you split dividend income and capital gains in any percentage

Forum|Forum|6 years ago
December 7, 2019
5 replies
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ProSeries Basic

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Best answer by sjrcpa

They can agree to a split.

sjrcpaAnswer

Level 15

They can agree to a split.

The more I know the more I don’t know.

M

Marc-TaxMan

Level 7

Another point of view. Remember 'assignment of income?'

I have a big brokerage account. I put my GF as co-owner. [Don't tell my wife!]

I did not file 709. Maybe GF does not even know.

I go back to: "Whose $$ is it?" If they truly own it equally, report income equally. But I do not see how you can shift income to whomever wants it each year.

S

Skylane

Intuit Community Champion

'joint brokerage' is usually joint tenants; equal ownership. show by nominee dist and report 50% iincome on other persons return

If at first you don’t succeed…..find a workaround

S

Skylane

Intuit Community Champion

show it as a nominee distribution

If at first you don’t succeed…..find a workaround

qbteachmt

Level 15

You asked Twice, new one is here:

https://accountants-community.intuit.com/questions/1825704-i-have-co-owners-of-a-brokerage-account-w...

I will close the older duplicate.

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