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Contango72
Level 2
Apr 27, 2023 5:21 PM UTC
Solved

Trader Tax Status

Can a trust brokerage account qualify for trader tax status?

 

Thanks,

    Anonymous_Answer
    Level 15
    Apr 27, 2023 5:40 PM UTC
    @Contango72 wrote:

    Can a trust brokerage account qualify for trader tax status?

    The trust would have to be a grantor trust (where you are considered to be the "owner"), which it most likely is.

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    3 replies

    Anonymous_Answer
    Level 15
    Apr 27, 2023 5:40 PM UTC
    @Contango72 wrote:

    Can a trust brokerage account qualify for trader tax status?

    The trust would have to be a grantor trust (where you are considered to be the "owner"), which it most likely is.

      Contango72Author
      Level 2
      Apr 27, 2023 7:27 PM UTC

      I'm the Trustee / Beneficiary, my deceased Father set up the trust, I assume he is the Grantor?   

      Anonymous_
      Level 15
      Apr 27, 2023 7:31 PM UTC

      Yes, he would be.

       

      Assuming the trust is now irrevocable and you do not have the requisite authority or power, the trust is treated as a separate entity for federal income tax purposes (i.e., not a grantor trust).

       

      You should check with a local attorney who can review the document.

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