Based on the information below, if more than one person owns the same investment, each would report their portion of the investment income on their return. We also recommend they attach an explanation to each return.Per IRS Publication 550 Investment Income and Expenses, page 4:
Joint accounts. If two or more persons hold property (such as a savings account, bond, or stock) as joint tenants, tenants by the entirety, or tenants in common, each person's share of any interest or dividends from the property is determined by local law.
On one return (the person with the SSN reported on the form received) enter an explanation that the income from the Form 1099-B is jointly owned and XX% is reported on return with SSN XXX-XX-XXXX.
On the other return (the person who didn't receive a form) enter an explanation that the income reported on the Form 1099-B was reported to SSN XXX-XX-XXXX and you own XX% of that income.
To enter the 1099-B into the program: