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Avoid the pitfalls of multiple-partner assets

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in Employment Law,Human Resources,Small Business Tax,Small Business Tax Deduction Strategies

It’s likely that you hold property jointly with your spouse. Unfortunately, that can lead to tax confusion when you sell, bequeath or transfer your property.

Plus, seemingly innocuous withdrawals can cause tax complications if you’re not careful. Here’s a primer on dodging the tax bullets.

What are the income tax angles?

The tax rules are pretty straightforward if you and your spouse hold income-producing property such as a joint bank account. You simply report the annual income on your joint tax return.

But say that you’re married and file separately, or you own property with a non-spouse. In the usual situation, the income is split evenly between the co-owners.

On the other hand, if the funds in a joint account belong to just one of you, that person’s name and Social Security should be listed first on the account. State law will apply for commingled funds.

Example: You own a bank account, but name your child as a joint own...(register to read more)

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