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Old 03-24-2019, 01:32 PM
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Join Date: Mar 2019
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Married filed separately and investment income on single account

For married filed separately, how do you report investment income from a single account? Investment accounts are only in husbands name since they were opened before marriage. However the accounts have grown due to adding money from a joint checking account. Is it a 50/50 split or all on husbands return?

Live in Ohio



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Old 03-24-2019, 02:23 PM
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I guess it depends on situations or state: whether or not you can split your investmentinĉome with your spouse depends on whether or not you shared in the purchase of the investment in the first place and how much your spouse contributed. Certain states have laws about community property defining how they expect MFS couples to share, or allocate, income.in general ,in community pty states, you need to combine the investment income from community assets and divide the result in half. So,you must report half the community investment income. the husband needsto Report his entire separate investment income on his own return so does the wife.. spouses own equally almost all property either one acquires during the marriage, regardless of whose name the property is in half of each spouse's income is owned by the other spouse during the marriage.however, some differences among comm. Pty states though.
however, in Most non comm. pty states, it's usually easy to tell which spouse owns what. If only your name is on the acct, registration document, or other title paper, it's yours. If you and your spouse both have your name on the acct, you each own a half interest in the property unless the acct. document says otherwise.
for more accurate info in detail, you may contact a tax pro, an ea or a cpa in your local area foryour state/fed returns



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Old 03-25-2019, 10:07 AM
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For example, say, in case of 1099div form, There should be a primary SSN that the 1099DIV is associated with, and IRS will match that with whoever's SSN it is. So whose ever return it goes on, or does not go on, make sure 100% is reported to IRS between the two returns. Also due to IRS matching this document, you may get a letter a year or two and may to explain to them, how it was reported. Also, Since only one name is listed, that party can indicate Nominee income for the other party



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