Joint owned mutual fund tax treatment

Forum|Forum|1 year ago
March 29, 2025
1 reply
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Jointly owned mutual fund with my mother who's not required to file federal taxes due limited income. I receive the statements and my name is listed first on all documents. The only activity on the account has been capital gains. Do I need to include 100% of the capital gains in my tax filing? Is her half tax exempt due to her tax filing situation or am I on the hook for the entire amount?

AmyC

Employee

It depends. You have two options.

1. It is all in your name and you just add and pay.

2. You enter it all and then select nominee and enter your mom's name and social. Then, you file the same form with the IRS from you to her for that amount. See General Instructions for Certain Information Returns.

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