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<< Are both holders of a joint brokerage account liable for taxes? Does the liability get split evenly, or is there a way to assign burden? >>

Unless someone is specifically counseled that a non-spousal joint account is a good idea, I think it's a lousy idea. We all DO have our wills in order, don't we? That said, it's your money and your headaches.

The tax liability isn't apportioned, the income is, based on whose assets are involved in the income-producing transactions. One party's SSN will be used for all reporting to the IRS, and that person issues 1099's to pass along the other person's income. It's a lot of extra paperwork, but if you want to do it the instructions are in the 1099 series instruction book.

Phil Marti

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