We have a joint taxable account with our children as beneficiary. In another joint taxable account we have our grandchildren as beneficiary. Since we own both, can we combine the gains against the losses? Or do we need to combine the accounts into one for tax purposes?

FinanceTutor's answer IS accurate. As long as your SSNs are listed on the accounts, the IRS considers both accounts to belong to you (NOT the beneficiaries), so you can combine the gains and losses from both accounts on your Schedule D.

If you need professional help filing your 23011 tax return, email me at [email protected].

The taxation of a jointly owned account is not based on whose social security number is on the account.

IntlTax:

On the SSN issue, granted that ownership is not determined SOLELY on whose SSN is on the account, but that is the first indicator that the IRS uses when matching the Form 1099-B to the tax returns. Further, the SSN issue does not change the answer to the question.

Thanks to all who responded, I think, I now know that it is not necessary for me to combine the accounts into one account inorder to total up the losses vs gains.

Catonsville:

Glad to help!