How can I allocate sale of stock for a joint tenant investment account?

[AndyN76]

Hello,

Me and my dad several years ago opened a joint tenant investment account (ameritrade) and in 2019, we sold our stocks for a long term gain. The account was funded 50/50 and has both our names on the account but the TIN SSN is under me on the 1099-B. Is there a way to allocate the sales gains 50/50 or does all the gains have to go under me for tax filing? If it can be allocated, how would I do that for me and my parent on turbo tax? Thanks in advance.

[tagteam · Accepted solution]

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@AndyN76 wrote:

Is there a way to allocate the sales gains 50/50 or does all the gains have to go under me for tax filing? If it can be allocated, how would I do that for me and my parent on turbo tax? T

You can report receiving your dad's share as nominee by entering an "N" code in column (f) of Form 8949.

See https://www.irs.gov/instructions/i8949#idm140173077083808

However, TurboTax does not support reporting transactions for which you received a Form 1099-B as nominee for another owner.

See https://digitalasset.intuit.com/DOCUMENT/A7LDFEv4x/040120-2019-unsupported-calcs-L1FQfTTgn.pdf