lancelottrader 

I really didn't know that about the taxes. I just tried googling it but nothing much came up. To be honest, I don't have a lot of confidence I will pass the thing my first time out..since it's a different style that I'm used to. Also, i won't keep trying over and over after this to do it. I'm quite happy trading my regular account and this is just a little challenge I thought would fun to try.

Did a quick search. Currently we can claim as an investor which as you know is unearned income. See the copied and pasted portion from TopStepTrader:

How should I report my earnings from Topstep®?

Funded traders should report all earnings as regular income. Additionally, funded traders are only required to report the amount they have received as withdrawals.
For example: a funded trader that earns $5,000 in their account but only withdraws $1,000 would have to report $1,000 worth of income.

redbarntrades 

Did a quick search. Currently we can claim as an investor which as you know is unearned income. See the copied and pasted portion from TopStepTrader: How should I report my earnings from Topstep®? Funded traders should report all earnings as regular income. Additionally, funded traders are only required to report the amount they have received as withdrawals. For example: a funded trader that earns $5,000 in their account but only withdraws $1,000 would have to report $1,000 worth of income.

Thanks. Another good reason to trade one's own account if you can afford it. We'll see what happens. lol

lancelottrader 

Thanks. Another good reason to trade one's own account if you can afford it. We'll see what happens. lol

The tax implications are so different for different instruments traded etc. A person sure needs to do their own due diligence. I for one, moved to futures as any income is unearned and works well as I am of Soc. Security age.

I have seen conflicting articles on those who list themselves as daytraders. Some say their earnings are subject to self-employment income (but can deduct all losses and costs of doing business) and other say no S. Sec. tax.

We "investors" get good tax rates, no self-employment tax but are limited to deducting only 3k per year. I don't mind that. It's my preference as at this time, I do not want regular income but unearned income. That may change in the future.

Anyway, I am not inclined at this time to go with a firm like TopStep. But if I change my mind and go live with someone like them, then I would make sure I understood the current tax laws.

I suspect you will do the same if you were to go live with your combine.

Sure am looking forward to your live stream.

I and many others here do appreciate your contributions!

You are........

redbarntrades 

The tax implications are so different for different instruments traded etc. A person sure needs to do their own due diligence. I for one, moved to futures as any income is unearned and works well as I am of Soc. Security age. I have seen conflicting articles on those who list themselves as daytraders. Some say their earnings are subject to self-employment income (but can deduct all losses and costs of doing business) and other say no S. Sec. tax. We "investors" get good tax rates, no self-employment tax but are limited to deducting only 3k per year. I don't mind that. It's my preference as at this time, I do not want regular income but unearned income. That may change in the future. Anyway, I am not inclined at this time to go with a firm like TopStep. But if I change my mind and go live with someone like them, then I would make sure I understood the current tax laws. I suspect you will do the same if you were to go live with your combine. Sure am looking forward to your live stream. I and many others here do appreciate your contributions! You are........

Thank you and yes, I'm very proud of the company my grandfather started.

lancelottrader 

Thank you and yes, I'm very proud of the company my grandfather started.

I'm glad! I'm proud for you! I used to buy set after set back in 71 and 72 when I was into building engines and drag racing. So, I was tickled to read about your Grandad.

After looking at a bunch of your videos, I came across your other work. Of course your family history popped up. History was always my favorite subject in school.

So, I was just being a little cheeky with the logo, but sincere.

So many great accomplishments of our forebears. Your own history adds so much more to your own contributions on this site.

I did enjoy your "If they can do it, why can't I?" 45 years ago, I thought the same thing when I heard a guy play German music on his accordion at a dance. So, I applied that phrase (unique in it's own way). I proceeded to have a side career of doing the same for 38 years following.

Yes, I was blessed with a good dad too. He impressed upon me to "do it if it's the last thing I do". "I'll do this if it kills me". No time for negativity. No complaining. Yep, a good dad! Kind to all.

So, on this Memorial Day, we remember their contributions.

Ok.... Let's go for it!

wow hes is your grandfather? he won paris roubaix!

redbarntrades 

I'm glad! I'm proud for you! I used to buy set after set back in 71 and 72 when I was into building engines and drag racing. So, I was tickled to read about your Grandad. After looking at a bunch of your videos, I came across your other work. Of course your family history popped up. History was always my favorite subject in school. So, I was just being a little cheeky with the logo, but sincere. So many great accomplishments of our forebears. Your own history adds so much more to your own contributions on this site. I did enjoy your "If they can do it, why can't I?" 45 years ago, I thought the same thing when I heard a guy play German music on his accordion at a dance. So, I applied that phrase (unique in it's own way). I proceeded to have a side career of doing the same for 38 years following. Yes, I was blessed with a good dad too. He impressed upon me to "do it if it's the last thing I do". "I'll do this if it kills me". No time for negativity. No complaining. Yep, a good dad! Kind to all. So, on this Memorial Day, we remember their contributions. Ok.... Let's go for it!

I appreciate your words very much. It sounds like you saw my speech from the Contagious Optimism event a few years back, where I spoke about my father, Frank Stranahan. Thank you again for your nice comments. Your father sounds like he was cut from the same cloth as mine.

Cals 

wow hes is your grandfather? he won paris roubaix!

You may be thinking of Albert Champion, the bicyclist who also was involved in his own Spark Plug Business..and he was an early partner of my grandfather, R.A. Stranahan. Albert was the bicyclist who won the Paris Roubaix race. My grandather and his brother ended up legally having the name Champion Spark Plug company and Albert Champion instead formed his own company AC Spark Plugs.

lancelottrader 

You may be thinking of Albert Champion, the bicyclist who also was involved in his own Spark Plug Business..and he was an early partner of my grandfather, R.A. Stranahan. Albert was the bicyclist who won the Paris Roubaix race. My grandather and his brother ended up legally having the name Champion Spark Plug company and Albert Champion instead formed his own company AC Spark Plugs.

Wow, I learn something everyday! What a cool history lesson!

I didn't know that about Albert Champion.

Thanks for clarifying.

Yes, I did catch that talk. I bet you got a great response from the audience.

Thanks Lance!

lancelottrader 

You may be thinking of Albert Champion, the bicyclist who also was involved in his own Spark Plug Business..and he was an early partner of my grandfather, R.A. Stranahan. Albert was the bicyclist who won the Paris Roubaix race. My grandather and his brother ended up legally having the name Champion Spark Plug company and Albert Champion instead formed his own company AC Spark Plugs.

pretty awesome history , and now you are making history itself my friend your a champion pro trader