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Level 7

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

I know the sale needs to be under her ssn and it will, but I'm worried about any other tax implcations if the proceeds go to my account.  I manage her money and move money to her checking account from mine.

Thank you

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Level 20

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

It should not be a problem taxwise, unless your Mother claims that she did not authorize this.

4 Replies
Level 20

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

It should not be a problem taxwise, unless your Mother claims that she did not authorize this.

Level 19

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

The proceeds don't go into your account they go into your mom's broker settlement account.
If you have access to withdraw cash, that has nothing to do with stocks transactions in her account.
Level 7

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

thank you very much, it's a strange account in a broker call computershare...they don't hold cash and your account is tied directly to one stock.  Proceeds go directly into a checking account...i was wondering if the gift tax may affect tax implications?  it's over 14k...
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Level 19

My mom has a broker account and is under her ssn. I want to sell the stocks but the proceeds will go into my checking account, because I manage her money.Bad idea?

Just because money flows through your account, that doesn't make it a gift to you.