ChefGirl
04-13-2008, 11:16 AM
Hi,
I'm hoping some of you may help me. My Mom and I have a joint security account at Etrade. My husband and I take care of the account making trades, etc. And all correspondence from Etrade get sent to our house. Both of my Mom's and my name are on the account. We have always been paying taxes on the gains on my and my husband's joint return.
Now, my Mom got a notice from IRS claiming she hasn't paid taxes on the gains back from 2006 related to the Etrade account. And that she owes them some $20K+. My husband and I havent' gone through the notice. But, did we do something wrong by claiming the gains on our returns and thus pay the taxes on our return rather than on my Mom's? We figure it was a joint account between me and my Mom. As long as someone is paying the taxes on it.
Any expert out there? Thank you. My Dad is going nuts over this.
I'm hoping some of you may help me. My Mom and I have a joint security account at Etrade. My husband and I take care of the account making trades, etc. And all correspondence from Etrade get sent to our house. Both of my Mom's and my name are on the account. We have always been paying taxes on the gains on my and my husband's joint return.
Now, my Mom got a notice from IRS claiming she hasn't paid taxes on the gains back from 2006 related to the Etrade account. And that she owes them some $20K+. My husband and I havent' gone through the notice. But, did we do something wrong by claiming the gains on our returns and thus pay the taxes on our return rather than on my Mom's? We figure it was a joint account between me and my Mom. As long as someone is paying the taxes on it.
Any expert out there? Thank you. My Dad is going nuts over this.