taxes: is this true or not?

[jprad]

Quote from NY0BScalper:

The advice on these boards is horrible.

If he lost $100k, in stocks, and the next year, he makes $50k, IN STOCKS, he won't have to pay taxes on that.

And, you go and give some poor advice yourself.

It's CAPITAL GAINS that losses can be applied to. Doesn't matter how the gains were made, stock, options, futures, etc.

 

[dafong]

okok. so to conclude, it is in my best interest to trade on an account under my dad's name?

 

[gkishot]

Quote from dafong:

okok. so to conclude, it is in my best interest to trade on an account under my dad's name?

Yes, if your dad will let you keep the profits.

 

[Traden4Alpha]

The only other minor US tax issue is "gift taxes" because the IRS will see that you gave your dad X dollars and he gave you back Y dollars. As long as X and Y are less that $13k per year, there's no issues at all and you can do it year after year. If the amounts are above $13k per year, then you need to report the excess gift against a lifetime limit of $1 million in excess gifts (see IRS Form 709). Going over the $1 million limit and actually paying gift tax is a high-class problem, but it's something to consider during estate planning (both yours and your father's).

 

[CaptainObvious]

All you have to do is ask these guys - http://www.irs.gov/
They are here to help, really they are.

 

[NY0BScalper]

Quote from jprad:

And, you go and give some poor advice yourself.

It's CAPITAL GAINS that losses can be applied to. Doesn't matter how the gains were made, stock, options, futures, etc.

You are right, I wasn't very specific. Thank you for the correction.