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Trader Tax Status
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Created: by DavidHP Attachments:0

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Trader Tax Status

  #1 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,003 since Aug 2009
Thanks: 803 given, 1,367 received

Trader Tax Status

FT71 posted this on twitter and I found it interesting.

Trader Tax Status

It is a video about Trader Tax Status.

Maybe it will also help someone.
(I am not associated with either FT71 or the TraderTaxCoach.)

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
 
  #2 (permalink)
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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


Check the main tax thread on futures.io (formerly BMT), and the excellent tax webinar on futures.io (formerly BMT).

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

 
  #4 (permalink)
Market Wizard
New Orleans, La (Mardi Gras City)
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
DavidHP's Avatar
 
Posts: 1,003 since Aug 2009
Thanks: 803 given, 1,367 received

Mike if this would be better there, feel free to move it.

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
 
  #5 (permalink)
Market Wizard
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,220 since Jun 2009
Thanks: 628 given, 6,318 received
Forum Reputation: Legendary

it is actually two separate issues;
a) can he claim mark-to-market - fail
b) can he claim trader status - 50/50

 
  #6 (permalink)
Trading Apprentice
Las Vegas, Nevada, USA
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: AMP, CQM
Favorite Futures: ES
 
Hiohn's Avatar
 
Posts: 3 since Oct 2013
Thanks: 0 given, 0 received

Hi Gents,

I’m soooooo lost when it comes to taxes (and scared out of my mind). I tried calling the IRS to help explain my tax liabilities when trading the ES and they laughed at me and told me to hire a tax attorney.

I’m currently under the impression that it’s nearly impossible to get “trader status” when also collecting a W2.

I consulted four different CPAs and got four different answers (all claiming to be trader CPAs)

I’m also currently under the impression that without “trader status” I can only write off 3k a year of losses. Does this mean that if I make $100,000 and lose $100,001 that then I owe the IRS taxes on 97,000???

I’ve given up trying to figure this out and just purchased a “entity formation service” from one of these “trader tax experts”. It’s been a rough start so far with this specific company, but I’m keeping my fingers crossed.

 
  #7 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received

Please use the main tax thread:

https://futures.io/traders-hideout/4832-tax-thread.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.


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