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 My employer is taking something out of my check...? |
om the check it says "MEDI W/H" what is this for and is it for medical trough my work? if so we were told we do not have insurance so what is the with holding for?
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each state. (Yahoo truncated my ... |
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CPT | If I open up a discount brokerage under my parent's name, how would tax work? |
Would it be strictly under their income or is there something else to it? I'm 18 years old but Interactive Brokers requires you to be 21 for a margin account. My mom said she would allow me to put it under her name as long as my gains don't increase her income. Is there any way around this?
Thanks for any information that can be provided.
Additional Details
I'm not opening up a margin account for leverage. I'm opening up a margin account to sell options and short sell. |
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Den Zuk
 |
"as long as my gains don't increase her income" lolz
"Tax issues are not a problem when transferring stocks, cash and exchange traded funds (ETFs). If you have an IRA or own mutual funds, they may need to be liquidated with the cash transferred if the accounts can’t be kept intact and seamlessly transferred to a new broker. Remember that selling the funds might incur capital gains taxes. The current broker should estimate your capital gains to determine possible tax consequences of a sale. Also, find out if your mutual funds require you to pay a back end load or redemption fee, which are special charges paid for liquidating the asset (particularly when held only for short periods). " |
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Rick B
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Of course not.
And it is a VERY bad idea to trade on margin. You don't "borrow" to "invest". If you want to invest money, you should have money. |
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neoplop
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If it's under your parent's name, not only are your parents liable for income tax, but they are liable for all losses you incur. And trust me, there will be losses.
What your mom says proves she doesn't understand what she is getting into. Of course your gains will increase her income, because legally they will be HER gains. |
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Gaytheist Buddha
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Won't work. The account is in her name and Social Security number. Buying securities on margin is a terrible idea unless you have superior credit (FICO well over 800) and lots of investment experience. |
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