I am in, what I think, an interesting situation. I have a joint e-trade account with my fiance and we just sold some stock. For this filing year, we will still be filing separately as we won't be married until May, 2000. Therefore, how does one handle the capital gains tax reporting? Does just one of us report it, or do we split it? Any help from all out there would be helpful.
This is where you find out about love :)Seriously, you say "jointly owned" and hopefullyboth Social Security numbers are on your broker'sfile. You can split the sale and each report half of the sale and costs etc. If the social security number of one of you is on the 1099, and IF you later get a letter from the IRS, then you can explain whose SS# reported the other half of the sale and hopefully income.
Don't these lovebirds have the opportunity to attribute the gain to just one of them, if one is in a significantly lower tax bracket than the other?
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