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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Brendan W who wrote (665)	2/26/1998 12:30:00 PM
From: James Unterburger	Read Replies (1) \| Respond to of 5810

Get a new broker. I can see things getting too complicated if you try to use your brother's tax id number. You should be able to open multiple accounts with your own number.

To: Brendan W who wrote (665)	2/26/1998 9:18:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Since you are only using the brother's SS# for the Broker's rule your brother shouldn't have any taxes to pay. BUT the 1099B will have the IRS looking. IMO brother must report the 1099B in total on Sch D with a reference to YOUR SS#. Brother could also issue you a 1099B as your nominee, I believe. Alternative: By TRADER do you mean a DAY TRADER, classification for IRS purposes? If so file form SS-4 to obtain a TIN in addition to you SS#. This way you can have two accounts in your name with two different numbers! To qualify for the TIN you'd need to be in a TRADEor BUSINESS i.e. you'd need to be a legit Day Trader/Flipper. OR you might go open an account at SAME Broker - Different OFFICE and use your SS# for both. Colin