I'm married and file separately. We have a tenant in common / joint brokerage account. The account is 100% funded by me. Can I claim 100% income/loss from this account?

Forum|Forum|1 year ago
March 22, 2025
1 reply
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I just got married this year and the brokerage account became tenant in common account after the marriage. The bank does not send separate 1099. Since it is fully funded by me, can I claim all the income/loss in my filing and my spouse does not claim anything from the account in their filing?

xmasbaby0

Level 15

Are you in a community property state?

AZ, CA, ID, LA, NV, NM, TX, WA, WI

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-filing-separately-community-property/L11CeLUMs_US_en_US?uid=m69ousyh

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

safetax-2012Author

Level 2

I live in NY and my spouse lives in PA

xmasbaby0

Level 15

Then on your own MFS return you can enter the brokerage income/loss information. If you are filing separate returns you have to follow the rules that if one of you itemizes deductions the other must itemize or if one of you uses standard deduction, the other must also use standard deduction.