topic I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this? in Get your taxes done using TurboTax

I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this?

apntzls — Sun, 16 Aug 2020 23:49:02 GMT

Re: I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this?

Critter-3 — Mon, 17 Aug 2020 00:12:07 GMT

What a horrible idea ... YOU are responsible for reporting all transactions that happen in your SS#.

Re: I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this?

apntzls — Mon, 17 Aug 2020 01:18:52 GMT

I agree, it was a bad idea. And indeed that is what I thought was required for me to do. That the transactions would be reported on my next tax return, but he's making the claim that his CPA says that any gains or losses on my account are his because the funds originated from his bank account. Looking for accurate information/guidance on how to deal with this.

Thank you for your input

Re: I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this?

macuser_22 — Mon, 17 Aug 2020 01:43:05 GMT

Consult a tax attorney for legal advice.

That is a legal question and not a tax question and we cannot give legal advice.

Re: I allowed someone without a TIN to make trades on a brokerage account I do not use. Who is responsible for the tax filling? How to resolve this?

Anonymous — Mon, 17 Aug 2020 06:15:29 GMT

as an aside, what would the brokerage firm had done had the person lost$1,000,000. do you think they would come after you?