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I am wondering how commissions and fees are treated in relation to taxes. From what I can find it sounds like you subtract commissions from your gains.
Say I have $10000 in gains for the year, $1000 in commissions and $1000 in fees. Would my capital gains be $10000 - $1000 = $9000?
I'm US based and a part-time trader with a regular job.
Can you help answer these questions from other members on NexusFi?
Also, keep in mind that Futures are taxed at 60% long-term, and 40% short term.
This should be discussed with your accountant. Sadly, not many of them know this as they do not deal with Futures traders.
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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Agree with everything said about profits, commissions and 60/40 and $9k in gains. But what do you mean when you say $1000 in fees? I think you will find that things like data fees, subscriptions etc can NOT be deducted from gains and losses the same way commissions are but have to be itemized as investment expenses. But as @mattz said, best person to ask is an accountant.
