Hello. I am full time futures trader new to these boards. Does anybody have any ideas on what state has the most favorable tax situation for full time online futures traders? I am only considering taxes and possible locations where I can save. My income is currently taxed as capital gains 60/40... without mark-to-market. I ask because I am looking to move. Thanks to all who help in advance.
Seven states have no state income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income. To see how other states compare, check out the Federation of Tax Administrators' listing of individual income tax rates for 2008. I believe that future contracts are already mark to mark; maybe you where referring to taking the Mark to Market Trader Election. Best of success