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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15309
Experience:  15years with H & R Block. Divisional leader, Instructor
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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account, will not result in immediate Federal gift tax consequences for your parents until the securities or cash are withdrawn from the account.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.