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New Member
posted Aug 16, 2020 4:49:02 PM

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?

0 4 708
4 Replies
Level 15
Aug 16, 2020 5:12:07 PM

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

New Member
Aug 16, 2020 6:18:52 PM

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

Level 15
Aug 16, 2020 6:43:05 PM

Consult a tax attorney for legal advice.

 

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

Not applicable
Aug 16, 2020 11:15:29 PM

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?