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Reporting Brothers Jointly owned stock investment gains

tbryant
Level 3

How to report Brothers jointly own stock gain.  Investment firm shows only one Brother’s SSN

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5 Replies 5
Camp1040
Level 8

1099-B worksheet, code N

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tbryant
Level 3

Thanks for your assistance.  In my original inquiry I failed to add how Dividends reported on the

joint investment statement is shown if there is a 50/50 ownership by the Brothers?  

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Camp1040
Level 8

google

If, as a nominee, you receive gross proceeds from selling stocks or bonds, you will need to issue a Form 1099-B to the IRS and the actual owner of the income. As with the interest and dividend income received by a nominee, rules are in place for completing your return so that only your portion of the net gain or loss from the sales is included in your income.

Forms 1099-INT and 1099-DIV that you issue as a nominee must be given to the recipients by January 31, while the deadline for giving Forms 1099-B to the other owner(s) is February 15. In order to avoid a penalty, copies of the 1099s need to be sent to the IRS by February 28. The 1099s must be submitted on magnetic media or on optically scannable forms (OCR forms). This firm prepares 1099s in OCR format for submission to the IRS along with the required 1096 transmittal form. This service provides recipient and file copies for your records.

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Camp1040
Level 8

The other brother may be listed on the electronic record of the brokerage, they probably listed only first SSN on record. 

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tbryant
Level 3

Thank you again for the reply.  

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