How do you manage your tax for income from trading?

Hi Guys,

How do you manage your taxes on income from trading ?

Like do you go with Trader Tax Status ? Or something like Trust with Corporate Trustee ? Or perhaps just do it as standard / regular tax method ?

Also what is your opinion on what is the best method ?

Thank you

 

I only trade 1256 contracts, so 60/40. Best deal in America!

 

Don't need to worry about taxes unless you have profits!

 

The OP needs to be worried about taxes even if he has losses because there's a limit on your deductions / credits depending upon how you file your taxes and then throw in the issue if the trader has another job....throw in a few other issues...

Waiting until you become profitable can easily exacerbate tax problems.

Another issue, taxes on trading are handle differently from country to country.

wrbtrader

 

H&R Block Tax Pro. The service assigns a human tax professional, and you can keep the same one indefinitely.

 

You should consult a tax accountant. When, your financial situation is uniquely, only yours, it does not make sense to take bits of advice from other traders who could be in a different financial situation as yours? Just as you would not want your mechanic doing a heart transplant on you or your doctor to fix what is wrong with your car? This is best handled by a qualified tax professional.

 

A good accountant is worth their weight in gold.

 

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NO state income tax state;
roth
or back door roth………………………………………………………………………………..May have to pay some tax on realty if I sell it/ok.I tend to ask or consult 2 cpa s or something like that

 

Only if you earn their weight in gold a year

 

Fair enough. Canadian crew here, just sum up net profit/loss (cap gains). Also... I was joking