Interactive Brokers shared account

[bmx]

Hi guys,

I was wondering if anyone has experience with Shared accounts in Interactive Brokers. We (my partner and I) have some extra-cash sitting in our bank account and I would like to use it for something more meaningful, but I wanted to check with the community if anyone has done something similar and what are the implications/benefits. Lastly, the tax implications since that is anyway a shared cash account.

Cheers,
B

 

[Baptiste Wicht]

Hi @bmx

Are you talking about joint accounts? We have one my wife and I at IBKR. If you are not legally joint, then, there are some options at IB with joint tenants.

If you are not legally joint, then tax implications are usually that each pay half of the taxes.

 

[bmx]

Hi @bmx

Are you talking about joint accounts? We have one my wife and I at IBKR. If you are not legally joint, then, there are some options at IB with joint tenants.

If you are not legally joint, then tax implications are usually that each pay half of the taxes.

Thanks for the input, Baptiste! I was looking at their Joint Tenants with Rights of Survivorship, but it's not really clear what the tax consequences are, I assume it's just the fact that we both have to pay for it, as you mentioned before.

Would be nice if Finpension had something similar.

 

[Baptiste Wicht]

But are you married? If you are married, you will only fill one tax declaration and it should be trivial. If you not married, you should each declare 50% of it, I would assume.

Or are you worried about taxes for the survivor?

 

[bmx]

We are not married, but indeed what caught my attention was their documentation saying to consult a tax professional for advice.
Thanks again for your reply!