turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Contango72
Returning Member

Trader Tax Status

Can a trust brokerage account qualify for trader tax status?

 

Thanks,

1 Best answer

Accepted Solutions

Trader Tax Status


@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.

View solution in original post

3 Replies

Trader Tax Status


@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.

Contango72
Returning Member

Trader Tax Status

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

Trader Tax Status

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.

Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies