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Financial Planning / Tax Strategies
|Subject: Joint account with my Dad||Date: 1/8/2002 7:52 PM|
|Author: wrldruler||Number: 56929 of 122521|
I've been investing in the stock market for a few years & now my Dad wants to hop in. The problem is that he doesn't want my Mom to know he's investing. (He's been secretly skimming his paycheck to come up with $1,000 -- he thinks my Mom doesn't save enough of "his" money).
I thought about creating a new stock account as a joint between me & my Dad. The money would be his, but I would handle the business end. The mailings would come with my name on them & my Mom would be none the wiser.
Some Misc Info:
I am 21 years old, but currently a dependant (Full-Time college student). My Mom & Dad file jointly, and I file as a single.
What are the tax implications of a joint account owned by 2 people filing their taxes independently? Would Dividends & Interest be reported on my taxes, my Dad's, or both? I figured that most people filing independently would split the tax burden of a joint account 50-50. But does this HAVE TO be the case? Again, I'm trying to keep this a secret from my Mom if possible so I'd like "Dividend Income" not appear on their taxes. Can I take the entire tax burden of the joint account on just my taxes? My Dad would reimburse me in cash for the decreased Tax Refund that would occur.
Thanks for any insite you can give.
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