The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Tax liability for JTWROS||Date: 10/2/2012 2:27 AM|
|Author: TMFPMarti||Number: 116723 of 121182|
My condolences on the loss of your mother. You asked
I know the broker will only issue one 1099 and link it to the social security number of that one of us receiving the form. From the prospective of joint ownership, how do the three of us handle this?
The sibling receiving the 1099 is the "nominee" of the others and issues 1099(s) to them for their shares. See the instructions for Schedules B and D and the 1099 series for the specifics.
Once the nominee figures out what to do it really takes little time to do it.
Rule Your Retirement Home Fool
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|