Question about trader tax status and multiple accounts

Discussion in 'Taxes and Accounting' started by veecashflow, Aug 24, 2017.

  1. tiddlywinks

    tiddlywinks


    Account titling matters.
    An entity can have TTS, just the same as an individual. An individual and an entity are not the same to the IRS. And there are retirement accounts, for the benefit of an individual which likely falls under the TTS qualification for the individual, but there are exceptions for sure, for instance a trust. Keep in mind too, that TTS does not allow co-mingling of "investment" and "trading" accounts and/or trades for tax purposes. Seek professional advise for clarity.

    I doubt the OP has this type of complexity but we don't know. In which case, the individual qualifies for TTS or not. And as you've pointed out, the number of accounts is irrelevant.
     
    #11     Aug 26, 2017
  2. wrbtrader

    wrbtrader

    Thanks for the info.
     
    #12     Aug 26, 2017
  3. If you don't have 720 trades, does it mean you can pretty much rule out TTS?
     
    Last edited: Aug 29, 2017
    #13     Aug 29, 2017
  4. dealmaker

    dealmaker

    #14     Aug 29, 2017