any tax liability as the second user?

[zhexin2]

HI,

My brother, who is not a resident of USA, has added me as the second user of his account with IB. Since I am a resident of USA, I wonder if I have to assume any tax liability. i.e., do i need to report to IRS, or do i have to pay tax if there are gains in his account? many thanks.

 

[Surdo]

It depends on the title of the account.
Are you CO-OWNERS of the account, or do you merely have his log on?

 

[zhexin2]

I am not co-owner of his account. I just have the trading access to his account.

 

[Surdo]

Quote from zhexin2:

I am not co-owner of his account. I just have the trading access to his account.

Then you have no tax liability to the IRS, however, as a brother, you might consider his tax liability if you actually turn a profit trading his money.

**disclaimer: I am not a CPA!

 

[zhexin2]

thanks a lot.