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Overview

Reports & Dates

US Persons & Entities

Non-US Persons & Entities

Tax Residency

Wash Sales

FAQs 

 

 

 

Important Tax Information and Reporting: Overview

As a broker based in the United States, Place Trade (PT) is required to report information and make payment of withholding taxes to the US tax authority, the Internal Revenue Service (IRS), for all of our customers. Additionally, PT has reporting and withholding obligations to the tax authorities of other countries for certain securities.

 


Definitions

When determining the country for which we are obligated to report and collect information on your behalf, the following definitions will apply.

 
     
 

 US Citizens & Entities  US Person or Entity is:


  • US citizen (regardless of residence)
  • US legal resident or "Green Card Holder" (regardless of residence)
  • US Substantial Presence resident:  A person who qualifies as a resident for US tax purposes because they have met the substantial presence test as defined by the Internal Revenue Code (Refer to IRS Publication 519, US Tax Guide for Aliens)
  • US formed business entity
  • US formed organization
  • US operations of a foreign entity

 

 

Canada Canadian Citizens Tax Status  Canadian Person or Entity is:


  • Canadian legal resident
  • Canadian formed business entity
  • Canadian formed organization

     

 

 

Residents of other Countries

If you are a resident of, or entity formed or operating in, a country other than the US or Canada you are considered to be a foreign person or entity (non-US person).

 

 

 

 

Tax Topics of Interest

Detailed information can be found on the tabs above, specifically:

 

 

Initial Application & Data Collection

Describes certain tax forms and certifications you will be required to complete during the account registration process, depending upon your customer type and residency status.  (Available under both the US and Non-US Persons & Entities' tabs.)

 

 

Tax Agency Reports

Details the agency tax forms you can expect to receive from Place Trade.

 

 

Worksheets

Describes the worksheets and reports Place Trade provides, including the Annual Statement and Dividend Report.

 

 

Where to access your Tax Forms and Reports

To access and print your Forms and Reports, log into to Account Management with your PT username and password, and select Tax Forms from the Report Management menu or the Reports menu.

 

 

Tax Frequently Asked Questions (FAQs)

Find answers to specific reporting questions in our Tax Frequently Asked Questions (FAQs).  

 

 

View Form 8949 Worksheet using TurboTax 

 

  • Log into Account Management and choose Tax Forms (Report Management or Reports). Select TurboTax TXF Format from the drop down menu and click View Report. Note that there is a limit of 3,000 transactions using this format.

  • Also note that the TXF import is only available on the TurboTax desktop product.

  • Currently, TurboTax only recognizes IRS reported wash sale adjustments and not other types of cost basis adjustments. Accounts with non-supported adjustments will be unable to download the Form 8949 Worksheet in TXF format to TurboTax. 

 
     

 

IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

  

Call us today at 1-800-50- PLACE or 1-919-719-7200 for more information!

 


 
IRS Circular 230 Notice: These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor.

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