Discussion in 'Trading' started by kickboxers, Jul 3, 2008.
With the wash rules
60/40 tax treatment for futures is more important.
And when filing tax,,in order to deduct rent, commissions, and interest cost you'll need to file as a 'business income'.
Why short term traders only trade futures and forex.
This description falls short.
Anyone starting out quickly discovers he has to sweep his accounts at least weekly.
The surplus goes somewhere and the "only" in the statement quickly disappears.
The OP has posted three income levels and given them names. This is the same stem problem as the thread title.
ET is filled with this borderline mentality that depicts the members knowledge and skill levels. It must be the prevalence of people arriving, staying for a while, quiting trading, and then leaving.
Easy money posts shouldn't have to be the only thing that attracts people to ET.
humm! And people say they are professional.
You need to learn more. There is a way to trade with no wash sale rule at all. Trade anything you please for any period you please, and no wash rule, nothing.
You do NOT "need to file as a 'business income' " to deduct commissions and margin interest costs.
commissions are a large part of the cost of doing business so it should be deducted.
Separate names with a comma.