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
[[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 TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Pay special attention to the "archives" section. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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