Question

Tax implication of transfering stock from individual account to joint account

Forum|Forum|3 years ago
April 18, 2023
1 reply
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Hi folks,

I currently have some stocks in my personal brokerage account, and I want to open another joint account with my partner, and transfer my stock into this joint account. Because we haven't got married yet, I'm told that there could be some tax implications, similar as my partner receiving some gift stock. Could you please help me understand tax implication? If the transfer happens after we get married, will the tax implication be removed?

Thanks in advance for your help!

TurboTax Premier Online

B

Bsch4477

Employee

Gifts between spouses have no tax implications. While transfer of stock to a joint account could be considered a gift, the lifetime gift exemption is more than 12 million so other than the inconvenience of filing a gift tax form there’s no impediment to doing that.

T

taxnewbieeAuthor

Thank you for the reply!

If the transfer from my personal account to the joint account happened after we getting married, do we still need to submit a gift tax form?