Trader Tax Status

Forum|Forum|3 years ago
April 27, 2023
3 replies
39 views

Can a trust brokerage account qualify for trader tax status?

Thanks,

Best answer by Anonymous_

@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.

Anonymous_Answer

Level 15

@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

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

Anonymous_

Level 15

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.

Trader Tax Status

3 replies

Unlock tailored help options in your account

Get answers to all your tax questions

Unlock tailored help options in your account

Get answers to all your tax questions

Sign up

Login with SSO

Let's get you signed in

Login with SSO