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I own an account with my brother. We have capital gains of $800, but the 1099 is reporting under my SS #. How do I report the $800 gain so I'm only taxed on my 50%?

 
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1 Reply
HelenC12
Expert Alumni

I own an account with my brother. We have capital gains of $800, but the 1099 is reporting under my SS #. How do I report the $800 gain so I'm only taxed on my 50%?

You received the dividend as a nominee. You'll be able to adjust the amount.

  1. As you enter your 1099-DIV, you'll get the "Tell us if any of these uncommon situations apply to you screen".
  2. Answer, "I need to adjust these dividends, I need to adjust these dividends".
  3. Continue with the onscreen interview until complete.

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