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I plan on opening a joint account with my son. I want my spouse to be able to make trades on the account also. I think I just need to fill out a power of attorney for this. That is what Ameritrade told me last year. My spouse and I file a joint income tax return. We have some capital loss carryovers from previous years. If I open a joint account with my son can I claim all the gains or losses on my spouses and my joint income tax returns for this upcoming year. In other words can I have a joint account with my son and have all the trades count towards my wifes and my joint return and not affect my son's return at all? Thanks again for any help, suggestions and advice.
Eddie G
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No. of Recommendations: 1
I plan on opening a joint account with my son. I want my spouse to be able to make trades on the account also. I think I just need to fill out a power of attorney for this. That is what Ameritrade told me last year. My spouse and I file a joint income tax return. We have some capital loss carryovers from previous years. If I open a joint account with my son can I claim all the gains or losses on my spouses and my joint income tax returns for this upcoming year. In other words can I have a joint account with my son and have all the trades count towards my wifes and my joint return and not affect my son's return at all?

As long as it's just your (or your wife's) money in the account, there's no problem. You can run into a bookkeeping nightmare if you comingle assets with a non-spousal joint tenant. Just make sure that your SSN is the one on the account.

Phil Marti
VITA Volunteer
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