I'm married and file separately. We have a tenant in common / joint brokerage account. The account is 100% funded by me. Can I claim 100% income/loss from this account?

I just got married this year and the brokerage account became tenant in common account after the marriage. The bank does not send separate 1099. Since it is fully funded by me, can I claim all the income/loss in my filing and my spouse does not claim anything from the account in their filing?

3219

Level 15

Mar 22, 2025 4:06:35 PM

Are you in a community property state?

AZ, CA, ID, LA, NV, NM, TX, WA, WI

https://ttlc.intuit.com/turbotax-support/en-us/help-article/taxation/married-filing-separately-community-property/L11CeLUMs_US_en_US?uid=m69ousyh

Level 1

Mar 22, 2025 4:46:27 PM

I live in NY and my spouse lives in PA

Level 15

Mar 22, 2025 4:51:18 PM

Then on your own MFS return you can enter the brokerage income/loss information. If you are filing separate returns you have to follow the rules that if one of you itemizes deductions the other must itemize or if one of you uses standard deduction, the other must also use standard deduction.

Level 1

Mar 22, 2025 4:54:40 PM

Thanks!

So if I enter 100% income/loss on mine, my spouse does not need to enter the brokerage income/loss information in his MFS return?

Level 15

Mar 22, 2025 5:02:04 PM

No. You are not in a community property state so the two of you just need to agree on which one of you enters certain income and/or deductions, dependents, etc. on your separate returns. No double dipping.

Level 1

Mar 22, 2025 5:13:44 PM

Okay. Thanks a lot for the help!

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I'm married and file separately. We have a tenant in common / joint brokerage account. The account is 100% funded by me. Can I claim 100% income/loss from this account?