Trader Tax Status

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

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