To be considered accredited by assets, one must have a net worth of at least $1,000,000, excluding the value of one’s primary residence, either individually or jointly with a spouse.

While there is no perfect definition of a non-accredited sophisticated and knowledgeable investor, in general you can select this option if you have significant knowledge of investing and consider yourself to be a sophisticated and experienced investor.

To be considered accredited by income, one must have income at least $200,000 each year for the last two years (or $300,000 combined income if married) and have the expectation to make the same amount this year.