How do you determine who is attributed the investment income for a couple? We file jointly but want to benefit (income splitting) from a lower tax bracket of the spouse?
If as a couple we invest $100K and generate $5K of interest income how is it determined who reports the $5K? It could be 50/50% between the couple or who generated the $100K? thanks.
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1 Best answer
TurboTaxJeffrey
New Member
Oct 30, 2019 6:38:15 AM
Income from a joint investment is reported based on how much each investor contributed. If one spouse contributed 30% of the monies that went into the investment then that spouse will report 30% of the income.
Income from a joint investment is reported based on how much each investor contributed. If one spouse contributed 30% of the monies that went into the investment then that spouse will report 30% of the income.