Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<My wife and I are filing separately and some of our accounts are held jointly. How do we declare the dividends and interest separately? Do we split the amount in half?>

It depends on whether you live in a community property or common law state. Community property states include: Louisiana, Texas, Mexico, Arizona, CA, Washington, Idaho, Nevada, and Wisconsin. If you live in one of these states all property is deemed to belong to the marital community and should be treated as if one-half of the income is earned by each spouse. If the property (stocks, land, etc.) was acquired before the marriage or recieved by gift or inheritance following the marriage, it may be claimed seperatly by each spouse. If you live in a common law state seperate property produces seperate income, and each person is taxed only on their property.

Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.