How do you report a 1099B Transaction from a joint account when filing separate returns?

Forum|Forum|3 years ago
December 23, 2022
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NCPERSON1

@skirsch52 - then each owns 50%.

can I ask out of curiousity can I ask why you are filing seperate? financially, filing MFS almost never makes sense. 96% of married couples file joint.....

skirsch52Author

There are 100's of transactions to report. to split each line and each column in 2 is not practical. There must be a better alternative.

Mike9241

no easy way to split - even pro software does not have a feature like this

about the only alternative is to report summary totals for 1/2 the Long term items and 1/2 for the short-term items.

then you make 2 copies of the 1099-B and show on it where there are totals for short-term and long-term write in less 1/2 to spouse SSN XXX-XX-XXXX for one spouse and then the same for the other spouse. show the actual amounts being subtracted for each column.

then you use form 8453 to submit each copy of the 1099-B

https://www.irs.gov/pub/irs-pdf/f8453.pdf

read the instructions for timely filing

no guarantees this will work. the 1099-B is submitted to the iRS using only 1 SSN. so there is a possibility you'll get a notice because the gross proceeds reported won't match what the iRS has.

Username_Username_Username

I'm also interested in getting this question answered (for tax year 2024). In my case, I want to know how to report a 1099-B for a joint account with my sibling (our grandparents gave us a joint asset as a gift). Clearly, I'm not going to file taxes jointly with my sibling. But that leaves us with two reporting options, right?

a.) Both of us report exactly what is on our 1099B form (verbatim), which means we're double counting proceeds/withholdings.

b.) Both of us report the proceeds/withholdings as if they were divided in half, which won't match the 1099B form we received.

Which is best?