Joint tenancy with right of survivorship

H

Handsome

If I open a "Joint tenant with right of survivorship" brokerage account and list myself and someone else what happens when I sell a stock that I purchased for this account say two years later. Do I and the other person ( the joint tenant) both have to report it as capital gain or loss or just me? Same with any dividends received..Do both parties to the joint tenant account have to report it on their taxes?

Thanks for any help and I am asking cause I want to open a separate brokerage account and list someone else as joint tenant with right of survivorship for when I die, the account and its contents will automatically become the property of the person I list as joint tenant.
 
Quote from Comanche:

i think you can legally get married in massachussetts. solve your problems.
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What a wise-ass mo fo you are! :mad:

Not to mention a dumb mo-fo you are who can't even spell Massachusetts, Fool!

Now go back to bed before I tell your mommy you're still awake.
 
As your tax accountant for a more definitive answer for your particular situation, but I pay the taxes in a JWROS and file the whole thing with my SS#.

At least I think that's what my accountant does. Call the IRS and ask them directly, that's probably the easiest way to be sure.
 
Quote from hels02:

As your tax accountant for a more definitive answer for your particular situation, but I pay the taxes in a JWROS and file the whole thing with my SS#.

At least I think that's what my accountant does. Call the IRS and ask them directly, that's probably the easiest way to be sure.
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You were right the first time. Ask the accountant. Its scary how many times the IRS gives wrong advise.
 
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