Ok saw that, but a minor role next year I assume means a major role trading? So does that then mean that you will add to the $30k at that time? None of our business really but $30k as Snuskpelle's post above mentions can compound over several years otherwise agree it is too little.
I will play that by ear. I will continue to receive passive income from my insurance agency, so income really isn't an issue. It seems that we are a bit off topic here. I am really just looking to see how other traders have their business set up for tax and liability purposes. I am thinking of setting up a spousal LLC. I don't expect to qualify for TTS for several years still.
As was previously mentioned check out GreenTraderTax.com, I trade futures which is a lot less complicated.
If listing trades on your tax return is your primary concern - you don't have to. LLC makes sense if puts you in a very different tax bracket. There will be some extra costs associated to maintain vs sole-protiership. Better to base your decision based on costs / taxes projections. Good luck with this venture!
Almost everyone wins on the simulators but in real ife you don't get those good fills or at least not for any size. Shouldn't you at least practice trading 100 shares live for awhile and see if you can make money? Why (now) do you think your trades will have positive expectation? What are your edges? Why do you think you will be able to make meaningful money day trading?
Well, I just finished my first month of trading. was able to trade 15 days this month, and am up 20% on the month. I had a few down days, my worst was my first day, second trade. I got caught in a massive short squeeze, so bad that they halted trading on the stock. By the time I was able to get my order filled to close out the trade, I had lost $900. But overall, it was a good month trading, and learned a lot.
I realized the not getting quick fills very quickly, when I started trading live. I have been keeping my positions on the smaller side because of this