Is interest and dividends also exempt from SE taxes(when receiving a K-1)and reported as ordinary income?
I'm thinking of relocating to Nevada which is exempt from state income taxes.I plan on trading remote(at home)with a pro firm that issues K-1's to their traders.My question is will my trading gains ONLY be subject to federal taxes?Also,what happens if a trader deposits $25,000 into an LLC and loses it all during the year and quits the firm.Are there deductions that he can take and how would he go about doing that.Thanks for any help.
If you live in nevada and your firm has offices in 10 states, am I subject to some sort of income allocation amongst the states? Will I have to pay taxes in states other than my own? Also, if I don't share in the firm's overall profits and losses, how can I be getting exempt credit or meet the net capital rule not reg T?
(not "tax advice") however, you pay taxes in your Resident state (if there are any). "Why would anyone live anywhere where they have to pay taxes"... Don
WOW!!!! what a surprise!!!! they changed the name of the thread.... Don, you have two more wishes. Can i make a suggestion for one? Ask for the volatility in the market to continue. And i don't want to push my luck here but maybe peace in the mid east would be nice!!!!
Another point that helps our traders is that they can submit an "expense report" in December for all the "outside" expenses (AOL, computers, stuff like that) that they would like to have "taken off the top" from their K-1s. We simply cut them a check and it reduces their taxable income. Don
Hey "Bryan" ...nothing "sinster" here...the thread took a life of its own anyway... Just keeping things "light".... Peace in Middle East may be a little rough....but we'll work on it!! Don
I was looking for answers to which prop firms to send my application to. Don Bright had nothing to do with this thread; I am just amazed how it took off from my simple request for input on prop firms. But I cannot see that after 17 pages I am any better off in judging between firms. The real traders with experience just do not seem to stand up and be counted; only those who seem to have gotten burned havet eh loudest voice. This is intelligent gambling but it is gambling--don't cry if you go to the casino and end up losing--you went there knowing that.