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Commission, Fees and Taxes?


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Commission, Fees and Taxes?

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  #1 (permalink)
Vancouver WA
 
 
Posts: 13 since Jun 2017
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I am wondering how commissions and fees are treated in relation to taxes. From what I can find it sounds like you subtract commissions from your gains.

Say I have $10000 in gains for the year, $1000 in commissions and $1000 in fees. Would my capital gains be $10000 - $1000 = $9000?

I'm US based and a part-time trader with a regular job.

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  #3 (permalink)
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Absolutely. Trading commissions and losses are business expenses that reduce your overall capital gains.

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  #4 (permalink)
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Also, keep in mind that Futures are taxed at 60% long-term, and 40% short term.
This should be discussed with your accountant. Sadly, not many of them know this as they do not deal with Futures traders.

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Matt Z
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  #5 (permalink)
Legendary Market Wizard
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caleb View Post
I am wondering how commissions and fees are treated in relation to taxes. From what I can find it sounds like you subtract commissions from your gains.

Say I have $10000 in gains for the year, $1000 in commissions and $1000 in fees. Would my capital gains be $10000 - $1000 = $9000?

I'm US based and a part-time trader with a regular job.

Agree with everything said about profits, commissions and 60/40 and $9k in gains. But what do you mean when you say $1000 in fees? I think you will find that things like data fees, subscriptions etc can NOT be deducted from gains and losses the same way commissions are but have to be itemized as investment expenses. But as @mattz said, best person to ask is an accountant.

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  #6 (permalink)
Vancouver WA
 
 
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SMCJB View Post
Agree with everything said about profits, commissions and 60/40 and $9k in gains. But what do you mean when you say $1000 in fees? I think you will find that things like data fees, subscriptions etc can NOT be deducted from gains and losses the same way commissions are but have to be itemized as investment expenses. But as @mattz said, best person to ask is an accountant.

I meant the fees part of the cost of a futures trade. Exchange fees, etc.

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  #7 (permalink)
Legendary Market Wizard
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Then yes treated the same was as commissions

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