Switching brokers

Discussion in 'Professional Trading' started by funky, Jun 7, 2003.

  1. funky


    I'm switching brokers next week. I am a bit worried about losing any trade reporting (tax info) that I might otherwise get with an account still open, with the broker that I will close my account with.

    Question: Is the broker that I close my account with required to still send me the appropriate tax info at the end of the year? Or do I need to compile it now before I close the account? The clearing firm that I use offers schedule D at the end of the tax year, but I don't know if I will get one now if I close my account.

    your help appreciated!!!
  2. I don't know the answer to your question,

    but you can avoid the question by keep your old account

    open with a minimal amount of bux in it (like 0) until tax reporting time. "Account minimum" means minimum to trade or open the account, not to keep, usually.
  3. I have always received the tax forms, even if the account was closed. I would think that they are required to send you one.

    But, it's a good idea to ask your broker.

    And write a reminder for yourself, so if you don't receive the forms you can take care of it.
  4. funky


    yeah i just downloaded all of my daily reports just in case ;)
  5. speedy


    he is required to send you the tax info. had many accounts closed and never had a problem.