Hello, I am trying to complete this form for a client in the D.R. I have various issues and insights and I don't know what's correct anymore. I cannot find anywhere in the instructions to guide me.
My client has a brokerage account with Morgan Stanley here in the US. she is a non resident and non citizen of the US. The account has 4 owners - herself, her husband, and their two children. Her husband passed away recently, therefore requiring this form to be completed according to Morgan Stanley so that they can free up the funds and release them to her as necessary. The account has equities and bonds.
1- I have been told that only equities need to be reported on the form - not the entire value of the account
2- I have been told that only 1/4 of the equities need to be reported on the form since the account is shared by 4 and 1 owner died.
3- the account is valued at over $1.2M and clearly there is a huge difference in the tax liability between the full value of the account and only 1/4 of the equities.
She is desperate to get this completed but I want to make sure I am doing the correct thing according to the law and not someone at Morgan Stanley that fairs to lose $400k under management. My client clearly doesn't know any of the US laws so I also have to educate her in the process, and unfortunately prove that I am correct. TIA for any help! (if possible please provide written guidance)
My client has a brokerage account with Morgan Stanley here in the US. she is a non resident and non citizen of the US. The account has 4 owners - herself, her husband, and their two children. Her husband passed away recently, therefore requiring this form to be completed according to Morgan Stanley so that they can free up the funds and release them to her as necessary. The account has equities and bonds.
1- I have been told that only equities need to be reported on the form - not the entire value of the account
2- I have been told that only 1/4 of the equities need to be reported on the form since the account is shared by 4 and 1 owner died.
3- the account is valued at over $1.2M and clearly there is a huge difference in the tax liability between the full value of the account and only 1/4 of the equities.
She is desperate to get this completed but I want to make sure I am doing the correct thing according to the law and not someone at Morgan Stanley that fairs to lose $400k under management. My client clearly doesn't know any of the US laws so I also have to educate her in the process, and unfortunately prove that I am correct. TIA for any help! (if possible please provide written guidance)