Question:
The more I think about it the more I want to open an account with scottstrade over sharebuilder...I do get a tax form from sharebuilder. What will happen if I keep all my stocks with sharebuilder and then open another account with scottstrade. Will I get two tax forms from each company? I would rather not close. I heard the transfer is a long process and that partial shares do not get moved. Will it be a complicated process filing taxes when I get two tax brokers? Also, is there any way I can transfer my account in sharebuilder to another family members name as a gift and start afresh?
Answer:
You can have as many accounts as you want. There is no tax restriction. It is like a bank account. Open them all over the US if you want.
I think you can get more than one. Try out this site for any clarification . bye
Yes you can have more than one account. You would receive a separate 1099 from each at the end of the year. You would report the interest, dividends, capital gains, etc. the same way. There is nothing complicated about it.
You should contact Sharebuilder and ask them how to go about transferring your account to a family member's name. You may be required to file a gift tax return (Form 709) even though no tax would be due.
More Questions & Answers...
What part time jobs or internships are available for a college freshman in the field of finance?
Does Section 83 of the Internal Revenue Code apply to cash?
Accounting/Finance - Stock Question?
Etrade account - need advice?
Is the US bond market similar to a company's bond or share market?
I would like to find how how to open an account to invest in euro stocks? specifically EADS..?
I am new to investing in stocks. Which is best for a beginner...Sharebuilder, Sogoinvest, or Firstrade?
Accounts some help please? united kingdom?