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Posted by D. Stussy on March 14, 2008, 1:26 am
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> >> Whoever's soc sec # is on the 1099B should report 100% of the
> >> proceeds
> >>
> >> Then back out the 50% held as nominee
> >
> > Technically, a nominee 1099-B should also be prepared. The mother
> > will need an ITIN if she doesn't have an SSN.
>
> Do you mean a 10-99-B is prepared by the nominee to show how the funds
> were actually distributed? That sounds like a better approach than
> just attaching a note to the Schedule D.
That's what a nominee 1099 is - one prepared by the intermediary.
> > The broker probably assigned 100% of it to the daughter because it
> > realized it screwed up and didn't withhold the 30% it should have
> > for income to a foreign person.
>
> They may not have known. The mother had a green card (and SS#) but
> hasn't been to the US in years, so probably lost whatever rights (and
> obligations) she had under it. She gave daughter her power of attorney
> to deal with her share of the estate.
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