grandmabee Posted March 2, 2013 Report Share Posted March 2, 2013 How do I nominee Sch D tranactions for a stock sale. account is in JT TEN and father is listed first with his SS number and Son is listed second. it's the son's money in acct. Its walmart stock and son paid father who worked at walmart for the stock each yr. now the son sold it but 1099 in fathers SS number. Do I just list the normal way on line one then on line two list as nominee and back out? Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 3, 2013 Report Share Posted March 3, 2013 gross salesprice has to match so i usually just put in a cost of +/- to net out the gain/loss. i put the stk name and nominee in the description line and try and keep it right below the corresponding entry Quote Link to comment Share on other sites More sharing options...
jainen Posted March 4, 2013 Report Share Posted March 4, 2013 >>son paid father who worked at walmart for the stock each yr.<< Right--and that is documented because the father reported that sale of stock on Schedule D each year? Oh, but he forgot to tell the account manager that title had changed? Sorry, I'm not in the mood for tax evasion nonsense. Dad sold employee stock and let his kid keep the money as a gift. Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 4, 2013 Report Share Posted March 4, 2013 I agree with Jainen. Client is not telling you the facts. Father has taxable income Client has nothing to report. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 4, 2013 Author Report Share Posted March 4, 2013 the stock is listed as Jt ten with the son. so I think from the very start they both were on it. Quote Link to comment Share on other sites More sharing options...
jainen Posted March 4, 2013 Report Share Posted March 4, 2013 >>the stock is listed as Jt ten with the son. so I think from the very start they both were on it.<< But it was from an employer stock benefit, right? So at some point it must have belonged solely to the employee. I would guess the adult child was added to the account for the common purpose of estate planning, but did not represent an actual change in ownership (until now). I would further guess that claiming payments now (instead of prior year tax returns) is simply an effort to jack up the basis on old employee stock. Quote Link to comment Share on other sites More sharing options...
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