How does investment Club members determine California state taxes owed?
1 Answer from Attorneys
I would recommend using a professional tax preparer or tax accountant. There are many possibly complex questions involved in determining an individual's tax liability when he/she is a member of an investment club. The club itself likely has a duty to report certain tax-related information to its members, but it certainly cannot determine how much tax any particular member may owe. Among other things, the member's tax bracket will come into play, and the club would have no way to know what bracket you are in.