Trading account

F

fogut

I am wondering if it is common to put down your parent's name or wife's name on your trading account to minimize your income tax amount ? This is of course assuming that your income is significantly higher than the person whose name is on that account.

Thanks.
 
Are you are asking about tax evasion on a public forum?

You can legally have a joint account, but putting the account in someone elses name is a horse of a different color. Then again I am not a CPA, so what do I know anyway?
 
You are better off setting up an identity and have it pay the taxes on it rather than pass thru to you. You can set up a trust to trade as well. Many possibilities. Talk to an accountant.
 
Quote from cstfx:

You are better off setting up an identity and have it pay the taxes on it rather than pass thru to you.

I have no idea what that means. Can you explain that little more ? In general, is it illegal or unethical to have your close relative's name on the account while you trade ?

Thanks.
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