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

    Jan 11, 2010, 01:55 PM
    Tax implications father daughter joint account her money only
    Daughter and father opening a joint brokerage account. Who pays taxes? It is entirely h er money going into the account. Thanks
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Jan 11, 2010, 02:36 PM

    You're going to have to identify who the primary owner is, and use that persons SSN on the account. That way the investment house will issue 1099 forms using that one SSN, and the right person ends up reporting the income on his/her taxes. So I would suggest you use the daughter's SSN on the account, since it's her money that's funding it, and I would strongly advise that the father NOT mix any of his own money with it, as then the paperwork needed to allocate the earnings to the rightful investor would get very complicated.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Jan 11, 2010, 02:45 PM
    Agreed! I manage my daughter's IRA and stock portfolio while she is deployed to Iraq, but the stock and IRA accounts are in HER name, with HER SSN on the account. It is a LOT simpler that way.
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!

What are the Tax implications on inherited money from abroad [ 11 Answers ]

My Father passed away early this year in South Africa and part of my inheritance was a$30,000 cash in one my fathers bank account in South Africa. I will like to know the tax and reporting implications when I decide to move the funds to my own bank account in the US. Thanks Dee.

US citizen marries J1 visa holder joint filing and Fica tax implications [ 2 Answers ]

I am a US citizen. I married last June 2008. My wife originally entered US on a J-1 Visa as a scholar in 2007 and filed taxes as nonresident for that year (NR1040). So for 2007 and 2008 no FICA taxes were deducted from her pay check. Now 2009 she is paying FICA. If we file a joint return for 2008...

Ex wife took money out of a joint account without her name on it [ 4 Answers ]

I live in Texas and I have a joint account with my name and my mothers name (who lives in New York). I recently got divorced a week ago and found out that money was missing out of that savings account. I reviewed all of my statement going back 3years and a substantial amount has been withdrawn...

Can creditor take money from joint account [ 1 Answers ]

We may be going to court with a creditor, and if a judgement is issued against us, I wanted to know if they can request our bank account be freezed if it is a joint account but only I am named in the suit (not my husband). Both of our checks are direct deposited there (which I will be stopping if...

Tax implications of an account transfer [ 4 Answers ]

Hi, This is my first question here. I have read many topics on this forum in the past and learnt quite a bit. This is a very general tax related question. My girlfriend is moving out of the country (possibly temporarily). In the meanwhile she is keeping her bank account in the US open for...

View more questions Search