|
|
| *Home>>>Investment Account |
If I have an investment account with my mom (joint tenants) how do we pay taxes on interest & dividents? |
Do we just split the interest and dividends fifty-fifty for the tax purposes? Well, as far as the IRS is concerned, whoever has their social security number on the account should be the one who claims the income. As far as I see it, you could handle the tax situation one of two ways: 1) let the person in the lower tax bracket be the individual whose social security number is on the account, let that person pay the tax, and the other individual should reimburse that person for half of the tax paid by the person who reported the income or 2) if you want to be totally legal, you could have the person whose social security number is on the 1099 pick up all of the income on his/her tax return, then subract half as "nominee distribution" and have the nominee show his/her half of the income on his/her tax return. Personally, I'd go for the first option. If you are joint tenants you should have some kind of agreement as to the % interest each f you has in it. In the absence of such an agreement I would think that you should split the income 50/50 |
| Tags |
| Investment Company Investment Calculator Investment Bank Investment Advice Investment Account Invest Money Invest in Gold Invest Fund Income Fund |
| Related information |
You have a sale of capital assets and will use Schedule D. The basis of the asset is the market value of the asset when you inherited the asset. All inherited assets are considered long-term ... Get the information from someone in your family. ...Because you cannot borrow on an IRA, and shorts require margin which is borrowing. You cannot borrow, because you cannot pay enough into the account in case of a margin call when your shorts go ... The child has to have a social security number / tax ID. Many brokerage firms allow you the option of opening a "custodial" account...where you manage the account until they are 18 yrs of... Yes. The 401K doesn't belong to the company, it belongs to the trustees/custodians who hold it for the benefit of the persons covered by the plan (some may no longer be employees). ...If by CPP you are asking about Canada Pension Plan, you can do what ever you want with the monthly payment that you receive if you are 60 years old or older. If you don't receive any paymen... Check the web page of the Swiss Banking Association: ... The bank must have had a reason for closing your account. ING has their complaint resolution process on their website. ... |
Categories--Copyright/IP Policy--Contact Webmaster |