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A
anne
Level 2
December 7, 2019
Solved

How do I enter capital gains for a a JTWROS asset that is not held by spouses?Thank you!

  • December 7, 2019
  • 2 replies
  • 23 views
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Best answer by sjrcpa

1/2 on each person's return

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

1/2 on each person's return

The more I know the more I don’t know.
T
TaxMonkey
Level 7
December 7, 2019

More complicated that you would expect, depends on they type of asset, who contributed the funds initially, and state law regarding severability, among other factors.


For example in a situation in which a child was added to a brokerage account of a parent, and the child had contributed no money nor made any withdrawals.  The parent would report all gains.

A
anneAuthor
Level 2
December 7, 2019
This is land purchased in 2016 and sold in 2018.  From what I understand, I need to report the full amount fo gain on the return I am doing with an off-set for the amount that is attributed to the other individual.  I am not sure where to enter the off-set information within ProConnect.  Thank you!
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