Opening new IB account in wife's name?

[theinvestorguru]

Hi all,

Please guys feel free to adv, I will consider it as recommendation only , it is just to seek other ppl opinion.

My income is 180k+, Iam after reducing my tax.

I m wondering if I open account under my wife name as individual, and use it to trade.
Or open joint account( but my name will still appear )

Or simply open my own Indiviual account

Any thought will help

Regards

 

[tech/a]

Re: Opening New account IB

If your earning $180k a year you should have a good accountant.

Find one he will be worth his fee particularly in investment matters.
Then discuss options with him/her.

 

[theinvestorguru]

Re: Opening New account IB

If your earning $180k a year you should have a good accountant.

Find one he will be worth his fee particularly in investment matters.
Then discuss options with him/her.

Already did contact my accountant , thought get new ideas from the forum.

Thank fr the reply

 

[prawn_86]

I am in a similar position and have an IB account in my wifes name. She pays the tax on any profits, which is at a much lower bracket than mine.

You may be able to consider trusts etc, but they were not really worth the hassle at our stage of life (mid 20's)

 

[tech/a]

Re: Opening New account IB

Already did contact my accountant , thought get new ideas from the forum.

Thank fr the reply

What was his advice?

 

[theinvestorguru]

I am in a similar position and have an IB account in my wifes name. She pays the tax on any profits, which is at a much lower bracket than mine.

You may be able to consider trusts etc, but they were not really worth the hassle at our stage of life (mid 20's)

Thanks Prawn,

I m in early 30 as well, and just started trading so little money at risk, and not worth the hassle of trust.
may consider trust with really high money investment
When see the account I will let you know

Regards

 

[elminster13]

This is something I am considering doing too. Would be interested to hear what you decided in the end? I would have thought you could open the account in your wife's name and then complete a power of attorney so you can manage the account? not sure if that is frowned upon or not?

If your wife is like mine and a stay at home mum then I think I would be able to utilize her $18k income allowance for our investments e.g. if she made $2k profit on a trade and sold that within the year then that profit would not be subject to CGT.

 

[pixel]

What is wrong with the wife opening an account?

Whether she is Chief Domestic Officer or has a lower-income job doesn't really matter.
The only thing that does matter is that you trust each other and don't have to worry about her running off after a spectacular mult-bagger - presumably paid from your money. :car:

We are now using a Family Trust for all trading and investments; but while I was a salaried employee, we both had our personal trading accounts, although we made buy and sell decisions together. Still do. We traded from the same PC anyway, all accounts open at the same time. The computer doesn't tell, who is pushing which button.