This might be considered a double post because I asked the question inside another thread.
However, I think I should have created an entirely new thread since this is a different matter.
Client and his wife own several stocks and couple of MLP's in a brokerage account as joint tenants.
They decide to set up a separate brokerage account in the wife's name only, and they transfer some of the stocks and MLP's into the wife's account.
This change is not due to a divorce, death, or other life event.
Has a sale transaction taken place? Gift? No change?
I ask this because the broker did not report the transaction on 1099B, even though the K-1's from the Joint Tenant MLP's were marked "Final", and separate K-1's were issued for the wife, but the basis showing on the new individual account is the same as the basis showing on the JT account. (Am I making any sense here?)
However, I think I should have created an entirely new thread since this is a different matter.
Client and his wife own several stocks and couple of MLP's in a brokerage account as joint tenants.
They decide to set up a separate brokerage account in the wife's name only, and they transfer some of the stocks and MLP's into the wife's account.
This change is not due to a divorce, death, or other life event.
Has a sale transaction taken place? Gift? No change?
I ask this because the broker did not report the transaction on 1099B, even though the K-1's from the Joint Tenant MLP's were marked "Final", and separate K-1's were issued for the wife, but the basis showing on the new individual account is the same as the basis showing on the JT account. (Am I making any sense here?)
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