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The Tax Thread
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Created: by Big Mike Attachments:3

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The Tax Thread

  #191 (permalink)
Trading Apprentice
Calgary/Alberta/Canada
 
Futures Experience: Beginner
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Posts: 6 since Apr 2013
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The Tax Thread

Hi,

I've submitted an application to a broker and as a Canadian, I've been requested to fill out a W8-BEN form. I want to know the following:

1) what is the (% rate of withholding...) I need to put down as a futures trader under Part 2 (Claim of Tax Treaty Benefits) question 10 Special rates and Conditions.

2) Also under what specific type of income will futures trading fall under ?

Thanks for any advice,

Mauri

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  #192 (permalink)
Market Wizard
Houston, TX
 
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Green Trader Tax :- Traders: Good and Troubling News in Poppe Ruling

Very interesting read, lots in here about Section 475 tax losses.

In the William F. Poppe vs. Commissioner court case there’s good news for retail traders on the volume of trades needed to qualify for trader tax status.

There’s also troubling news. The IRS denied Poppe his Section 475 election because he could not prove compliance with the two-step election process. Traders should be more diligent in documenting their election. The consequence was that instead of deducting his $1 million trading loss as an ordinary loss Poppe was stuck with a $3,000 capital loss limitation and a capital loss carryover.

The Poppe court construed Poppe’s proprietary trading firm arrangement to be a disguised retail customer account. This ruling should be a huge concern for the proprietary trading firm industry ...

Lots more...

Traders: Good and Troubling News in Poppe Ruling | GreenTraderTax

Disclaimer:- I'm a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax


Last edited by SMCJB; November 6th, 2015 at 01:49 PM.
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  #193 (permalink)
Site Administrator
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Wow. Thanks @SMCJB.

Mike

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  #194 (permalink)
Market Wizard
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Green Trader Tax :- IRS plays havoc with traders misidentifying investments
The IRS and some states have been playing havoc with traders in exams, claiming traders did not properly comply with Section 475 rules for segregation of investment positions from trading positions. Noncompliance gives the agent license to drag misidentified investment positions into Section 475 mark-to-market (MTM), or to boot misidentified trading losses out of Section 475 into capital loss treatment subject to the $3,000 capital loss limitation. Both of these types of exam changes cause huge tax bills, penalties and interest.
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IRS plays havoc with traders misidentifying investments | GreenTraderTax

Disclaimer:- Still a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax

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  #195 (permalink)
Market Wizard
Houston, TX
 
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Green Trader Tax :- Defined-benefit plans offer huge tax breaks

Less relevant than than their recent blogposts, but interesting none the less, especally if your in a full time trader and make some real money.

Consistently high-income business owners, including trading businesses with owner/employees close to age 50, should consider a defined-benefit retirement savings plan (DBP) for significantly higher income tax and payroll tax savings vs. a defined-contribution retirement savings plan (DCP) like a Solo 401(k).

cut...

The IRS limits retirement benefits per year to $210,000 (2015/2016 limits). Based on the maximum factors possible, the accumulated retirement benefit would be approximately $2.6* million.

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Defined-benefit plans offer huge tax breaks | GreenTraderTax

Disclaimer:- Still a Tax Client of Green, Neuschwander & Manning an affiliate of Green Trader Tax

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  #196 (permalink)
Trading Apprentice
Chicago, IL
 
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Posts: 4 since Aug 2014
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Hey you guys,

I have a question my partner and I can't agree on. We are both holding physical currencies as investments but can't get a solid answer on how they are taxed. Does long and short term cap gains apply to this? If we hold it over a year does the tax consequence get reduced or is it always taxed as ordinary income?

Again, were actually holding the paper.

Best wishes.

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  #197 (permalink)
Market Wizard
Houston, TX
 
Futures Experience: Advanced
Platform: XTrader
Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,028 since Dec 2013
Thanks: 1,680 given, 3,158 received
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StraddleIt View Post
Hey you guys,

I have a question my partner and I can't agree on. We are both holding physical currencies as investments but can't get a solid answer on how they are taxed. Does long and short term cap gains apply to this? If we hold it over a year does the tax consequence get reduced or is it always taxed as ordinary income?

Again, were actually holding the paper.

Best wishes.

GreenTrader Tax ;- Forex

Disclaimer : Still a client

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  #198 (permalink)
Market Wizard
Houston, TX
 
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Broker/Data: Advantage Futures
Favorite Futures: Energy
 
Posts: 2,028 since Dec 2013
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Green Trader Tax / Robert Green:- Donít Rely On 1099-Bs For Wash Sale Loss Adjustments

Broker-issued Form 1099-Bs for securities provide cost-basis reporting information, but they donít provide taxpayers everything they need for tax reporting if the taxpayer has multiple trading accounts or trades equities and equity options.

Brokers calculate wash sales based on identical positions (an exact symbol only) per separate brokerage account. But the wash sale loss rules for taxpayers, Section 1091, requires taxpayers to calculate wash sales based on substantially identical positions (between equities and equity options and equity options at different exercise dates) across all their individual accounts including IRAs ó even Roth IRAs.
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@green trader Tax Don?t Rely On 1099-Bs For Wash Sale Loss Adjustments | GreenTraderTax
@Forbes Wash Sale Loss Adjustments Can Be A Big Tax Return Headache

Disclaimer: Still a (happy) client

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  #199 (permalink)
Market Wizard
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Forbes :- Securities Brokers Don't Tell The Full Story About Wash Sale Losses
Itís an inconvenient truth for brokers that the IRS asks them to report wash sale losses on 1099-Bs differently from the way traders must report wash sale adjustments on income tax returns. Brokers are correct in preparing 1099-Bs, but incorrect in telling clients they should import 1099-Bs into their income tax filings.
more...
Forbes Welcome

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  #200 (permalink)
Market Wizard
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Favorite Futures: Energy
 
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Bloomberg :- Do Tax Preparers Know What They're Doing?

Not trading related in anyway, but a little scary

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