Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Brendan W who wrote (508)	2/25/1998 11:06:00 PM
From: Brendan W	Read Replies (2) of 5810

Does anyone know how tax liability on joint accounts is determined? My broker only allows one margin account per individual tax ID, and I want to have two (one for trading), so I'm setting up a joint account with a brother. I realize the brokers only report the tax information on one ID (which will be mine), but I want to be sure the Service cannot claim the joint account holder is liable for any taxes. What do I do to ensure this (write a notarized letter to my brother)? It will be my capital and any withdrawals will go to me.

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