The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Tax liability for JTWROS||Date: 10/2/2012 12:26 PM|
|Author: ptheland||Number: 116724 of 124470|
Phil is right on the money, as usual.
I do wonder, though, if your disabled brother might have a much smaller income than you and your other brother. If so, AND if it was his SSN that was on the brokerage account, he would be the one responsible for preparing the nominee 1099s.
And if he failed to do that, he'd have to pay tax on all of the income. And since he failed to prepare the nominee 1099s, you and your brother would have no idea what to report on your tax returns. And neither would the IRS.
Just sayin'. ;-)
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