Traders and Taxes?

Question

Are there any traders out there that have a joint account with there spouse or significant others?

How do you file taxes if your not married ? separately?

As for your trades do you split them in half or what do you do ? If you don't have a joint account with someone I don't want to hear from you.

Answer 1

I have both joint and single brokerage account with my wife and I file a joint tax return.   Have been doing for years.

If you are not married you can not file a joint tax return with you significant other or partner.  

If you have a joint brokerage account with someone, you will have to file a single in your tax filings, you can not file a joint tax return with you brokerage account partner

UNLESS the brokerage account is titled as a partnership or another legal entity then you would file a tax return for that partnership or legal entity.

For your peace of mind you could call the IRS and ask them directly BUT don't give them your name and/or tax number and get there name.  Not that IRS gives out correct information but you may get a better feel for it.