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Author: ylin Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121095  
Subject: tax question Date: 1/12/1999 11:14 PM
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Hello, this is Yong.I have a question to ask. My wife and I have a joint stock account in an online trading firm. We are thinking about open another account in the same firm, but under my wife's name. We ant to transfer all stocks from the joint account to the single account. Is there any tax (federal or state) consequences by doing so? The amount of total stocks value is around 30,000 and we live in Massachusetts.

Your answer will be greatly appreciated!

Yong
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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 8349 of 121095
Subject: Re: tax question Date: 1/13/1999 7:19 PM
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[[Hello, this is Yong.]]

Hello, Yong...

[[I have a question to ask. My wife and I have a joint stock
account in an online trading firm. We are thinking about open another account in
the same firm, but under my wife's name. We ant to transfer all stocks from the
joint account to the single account. Is there any tax (federal or state)
consequences by doing so?]]

No..not really. What is the point?? Why do you want your wife to have such an account. The holding and title of accounts deal with state law issues. So what rights and/or obligations you'll be saving or losing will be based upon the state law for the state that you reside.

But without knowing WHY you want to do this, it's impossible for me to give you any general federal tax advice or tips.

It if has to do with the "married-separate" filing status, you might want to read my post on that issue in the Taxes FAQ area. Check it out.

TMF Taxes
Roy

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