Discover More denied, employment not accepted

[Anonymous]

I am a stock trader and that is my only source of income due to my disability. They wont accept that as employment. They consider that an 'investment'. I say BS!! I pay taxes on my profits. Is there any way around this? Do they check and confirm employment?

[Anonymous]

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@Anonymous wrote:

I am a stock trader and that is my only source of income due to my disability. They wont accept that as employment. They consider that an 'investment'. I say BS!! I pay taxes on my profits. Is there any way around this? Do they check and confirm employment?

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are you incorporated?  are you licensed?  would the IRS consider you a hobbyist, or self-employed?

[Anonymous]

I'd say hobbyist, but could it be considered as self employed?

[RadioRob]

The easy thing to do would be to create a business, even if it's just a sole proprietorship.  Register for an EIN and TIN and a DBA.  Treat yourself as an employee of that business.

[smallfry]

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@Anonymous wrote:

I am a stock trader and that is my only source of income due to my disability. They wont accept that as employment. They consider that an 'investment'. I say BS!! I pay taxes on my profits. Is there any way around this? Do they check and confirm employment?

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You don't have any restrictions so far as trading in your brokerage account right? You are considered a day trader? It should be considered a business. Any problems with any other issuers?

[Anonymous]

no restrictions. i am a daytrader. i was approved for an amex 3/09 with no problems

[Red1Blue]

Setup a business and make your self an employee of your business. That is the best way to do things.

[Itsmeagain]

I have been "self employed" for almost 20 years.  That's all I put down.  When they ask what is my line of work, I say "Consultant".  Never been denied based on employment.

[smallfry]

If you file Schedule SE and Schedule C that should be all you need to prove for a business account. Have you gone to Amex preapproval and seen if you were preapproved for a Plum? Forget Discover.

[Jazzzy]

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@Red1Blue wrote:

Setup a business and make your self an employee of your business. That is the best way to do things.

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In the end...wouldn't this cost money?

I don't think taxes come any cheaper than on investment income. I certainly wouldn't turn any of it into self-employment income.

Me? I'd skip Discover and go elsewhere rather than change my tax status.