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I have online stocks that I share with a friend, but the…

I have online stocks...

I have online stocks that I share with a friend, but the account is in my name. I sell the stocks from my account and immediately transfer the money to them,but , of course that doesn't show up in my 1099. How do I show that I didn't keep this money as income?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't think so

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3/29/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
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Customer reply replied 4 months ago
Thank you

When you are the nominee recipient of income that is not yours:

"You must then prepare a Form 1099 for the interest that's not yours unless that interest belongs to your spouse. Send Copy A of the 1099-INT or Form 1099-OID and a completed Form 1096.pdf, Annual Summary and Transmittal of U.S. Information Returns, to the Internal Revenue Service and give Copy B to the actual owner. For more information on these requirements, refer to the Form 1099-INT and 1099-OID Instructions."

___

Below is a link for the instructions for schedule B form 1040--

"Use Schedule B (Form 1040A or 1040) if any of the following applies"--You received interest or ordinary dividends as a nominee

https://www.irs.gov/pub/irs-pdf/i1040sb.pdf

___

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Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,767
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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