Stock transfer from joint to single brokerage account cost bases

My wife has joint brokerage account with her mother and mother is primary account holder.

If we tranfer some stock to my wife's individual account what will be cost bases of the stock will it be FMV or actual cost note these stocks are currently in loss?

posted

The cost basis will be the the price of the stock when it was first purchased and not the FMV. This is predicated on the fact that your wife's name is listed as a joint account holder even though her mother is the primary account holder.

Edited 01/26/22|04:24 PMPST

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