How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Robin D. Your Own Question
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13136
Experience:  15years with H & R Block. Divisional leader, Instructor
Type Your Tax Question Here...
Robin D. is online now
A new question is answered every 9 seconds

My parents have a brokerage account they want to add me to.

Customer Question

My parents have a brokerage account they want to add me to. If I'm added as the 4th person on the account am I liable for the tax incurred?
Submitted: 5 years ago.
Category: Tax
Expert:  Robin D. replied 5 years ago.

Robin D :

Hello and thank you for using Just Answer.
Adding your name to the brokerage account, or acquiring additional securities to add to the account, will not result in immediate Federal gift tax consequences for your parents until the securities or cash are withdrawn from the account.
You will be an owner of the account though and any income earned will be taxable to you in your portion of ownership.

Related Tax Questions