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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Hello, My sister and I currently are invested in several

Resolved Question:

Hello,

My sister and I currently are invested in several stocks that we are thinking about selling for profits, but have questions as to taxation in 2013.

Our unique situation is that we have commingled our funds into a single account under her name. I have been depositing my funds from my personal checking account and we have kept detailed records.

If we are to generate long-term profits from the sale of this stock, when it comes time to pay our taxes ... can we separate my profits from hers and vice versa to pay our taxes separately?

The reason I ask is because we have invested different amounts, although they are in the same stocks.

I manage the account and we have agreed that I would receive a 15% performance fee should the account generate a certain amount of profits.

Any guidance would be appreciated.

Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

MyVirtualCPA : Thank you for your question, and thanks for using JustAnswer.com
MyVirtualCPA : Your sister would be a nominee payee for your portion of the profits
Customer: Thank you!
MyVirtualCPA : What she does is she will put your portion of the sale on line 21 of the tax return as a negative number, with a description "nominee payee" with your social security number
MyVirtualCPA : Then, you will claim your portion on your income tax return
Customer: Thank you. This answered my question perfectly!
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 15587
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C
Megan C
Tax Professional
15587 Satisfied Customers
Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level