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I’m soooooo lost when it comes to taxes (and scared out of my mind). I tried calling the IRS to help explain my tax liabilities when trading the ES and they laughed at me and told me to hire a tax attorney.
I’m currently under the impression that it’s nearly impossible to get “trader status” when also collecting a W2.
I consulted four different CPAs and got four different answers (all claiming to be trader CPAs)
I’m also currently under the impression that without “trader status” I can only write off 3k a year of losses. Does this mean that if I make $100,000 and lose $100,001 that then I owe the IRS taxes on 97,000???
I’ve given up trying to figure this out and just purchased a “entity formation service” from one of these “trader tax experts”. It’s been a rough start so far with this specific company, but I’m keeping my fingers crossed.
I thought we could use a thread devoted to Taxes. This is all things taxes regarding trading.
One example, Advantages/disadvantages for different situations (equities, futures, forex, etc) as well as benefits of filing sole-proprietor vs LLC or as a …
