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February 15, 2025
Question

Where to adjust capital gain in the joint Charles Schwab stock account ?

  • February 15, 2025
  • 1 reply
  • 0 views

Hi, say A and B has a joint Charles Schwab stock account, each has 50% ownership.

 

Last year the total gain is $100 for the whole account.

After i imported tax doc from Charles Schwab into turbotax, seems A's 1099-B is still reporting $100 capital gain. So where to how adjust this amount to be $50 in turbotax please ?

 

1 reply

fanfare
Employee
February 15, 2025

are you married to the joint owner?

If so, are you filing MFS ?

 

@ningji 

ningjiAuthor
February 15, 2025

A not married to B, they are brothers,

 

but both have their own families.

so A and B files tax return for their own family.

 

@fanfare 

fanfare
Employee
February 16, 2025

the one whose SSN is listed should file it, and reach an agreement with the other to recover half of any tax consequences.

 

@ningji