It depends. If your account is jointly owned, the first piece of information is whose social security number (SSN) is on the Form 1099-B. Once you determine that, and if it's not in your name you can have the amount that belongs to you by using the following nominee action. Once that is completed you will report your share of the activity and sales on your return and the other owner, if applicable, will report their sales activity.
Nominee returns.
Generally, if you receive a Form 1099 for amounts that actually belong to another person or entity, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received). You must also furnish a Form 1099 to each of the other owners.
File the new Form 1099 with Form 1096 (this is a transmittal for the 1099) by mailing to the Internal Revenue Service Center for your area. (Provided on the Form 1096)
- On each new Form 1099, list as the payer the person on the original form and the other owner, as the recipient. On Form 1096, list the person on the original form as the nominee filer, not the original payer (financial institution). The nominee is responsible for filing the subsequent Forms 1099 to show the amount allocable to each owner.
The forms filed with the IRS should be the red copy so if you don't have a color printer, go to the IRS website and order the forms:
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