Ask Experts Questions for FREE Help !
Ask
    lchaneyp's Avatar
    lchaneyp Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 10, 2010, 09:33 AM
    My sister and friend bought stock together-the 1099B is in her SS - How to file?
    My sister and friend bought stock together - the 1099B is in her SS - Can I split the gains between the two of them? Or does she have to file in her name only?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Mar 10, 2010, 01:19 PM

    If the account is in your sisters' name only (that is, she and her friend worked out this joint purchase "on the side"), then she should report the full amount, and pay tax accordingly. Then presumably your sister and her friend work out between themselves how the profits get split and how much the friend should reimburse your sister for the tax bite.

    If both people are named on the account - i.e. this is a joint account - then she can list a portion of the amount from the 1099-B and attach a statement exlaining that the proceeds are split with another person. The statement should include the friend's name, address, and social security number. The friend should attach a similar statement to her return, so the IRS can see that between the two of them the full amount of the sale accounted for.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Bought ring from sister, she stole it back. [ 2 Answers ]

I bought a ring fro my sister. Her husband has been asking where is your ring, she never woul dtell him she sold it to me. She came down last weekend to vist our father in the hospital. She stayed with me, after she left I looked for the ring and it was gone. She been calling family members trying...

Contract for deed on a home bought off a friend [ 13 Answers ]

I purchased a home from a friend for 25,000 and paid 2,000 down at time of signing of contract. Now , he also sold it to me with no interest and also I can pay lump sum to pay off faster if wanting to. How long before I have equity , the home is appraised for 33,000 also?

Bought a car from a friend but found out it has a lien. [ 2 Answers ]

I bought a 2005 Honda Accord from a friend for $7,000.00. I gave him the cash and he was going to bring me the title the next day. The next day he told me that he is looking for it and he would have it the next day again. I asked him about it and he said he is trying to find it but he thinks he may...

Report employer stock sale if no 1099B was issued? [ 1 Answers ]

This is confusing. My employer was told by their CPA that they did not have to issue a 1099B for stock the shareholders sell back, because their business is not selling stock (they are not a broker), but I think the income needs to be reported by the shareholder who sold the stock. Am I correct? I...

How to get over him, when your best friend is his sister? [ 2 Answers ]

My boyfriend of 4 years has just called it a day. We have broken up before, he moved away a year ago, and its getting harder not seeing each other and stuff. So we're done. I really need people to talk to, my best friend is his sister, but she barely calls any more since she started college and got...

View more questions Search