Posted by dylan398 on 25th of Nov 2009 at 12:10 pm
the best part of the US is that you will pay taxes on what ever
you make per year...up to infinity.....BUT, if you lose 30K....you
can only claim 2K per year...that is unless you are trading as a
career...then the rules are dfferent...I think(please someone
correct me if I'm wrong)
yeah lol agree. it's $3K a year instead of $2K, but not
like that $1K makes a difference lol.
However if you change your tax status to mark to market, you can
deduct what you actually lose, so if you lose $30K, you can deduct
$30K instead of $3K.
Here's a firm that will help you set it up. These days
it's harder to set up MTM status because the IRS is more strict
about it. However, the trick now is to set up an LLC for
yourself, this firm does that.
the best part of the
Trading Tax
Posted by dylan398 on 25th of Nov 2009 at 12:10 pm
the best part of the US is that you will pay taxes on what ever you make per year...up to infinity.....BUT, if you lose 30K....you can only claim 2K per year...that is unless you are trading as a career...then the rules are dfferent...I think(please someone correct me if I'm wrong)
yeah lol agree. it's $3K
Posted by matt on 25th of Nov 2009 at 12:17 pm
yeah lol agree. it's $3K a year instead of $2K, but not like that $1K makes a difference lol.
However if you change your tax status to mark to market, you can deduct what you actually lose, so if you lose $30K, you can deduct $30K instead of $3K.
Here's a firm that will help you set it up. These days it's harder to set up MTM status because the IRS is more strict about it. However, the trick now is to set up an LLC for yourself, this firm does that.
http://www.greencompany.com/