trading is just like any business venture to the taxman. trading profits/losses is no different from any other business. the tax writeoffs have to be cost of trading. you can't writeoff you car or even home if you trade at home as an individual trader and have no clients. that is why you need clients. the expenses must be essential to your business operations. excess tax writeoffs will get you an audit.
Yes Sir Also pays my Wife a salary - She's the CEO Allows me to set up a 401K (no shorting but can enter long on short etf) I can rent a space from mysely for quarterly mtg's, or hold "off site" quarterly mtgs Set up medical account LLC will allow you to write off training, training material and 'some' travel expenses, all costs of doing business... etal Take Care
This is not true. If you have Trader Status, as an individual you can write off part of your rent or mortgage for home office, satellite feed for Bloomberg, cell phone for calling broker, trade magazines, books, internet access, any educational expenses, etc. etc. etc. just like any other small business.
Hi, everybody. I'm new in this forum, so I don't have experience about it. I just wanted to say HELLO. My name is daniel. Iwish all of you good luck in this business, and I wish good look for myself too. Haha.