It's NOT GAMBLING when the odds are in your favor
How do you prevent yourself from opening the trading platform. 7 replies
How do you pick yourself up after getting wiped out? 23 replies
Please EURO Stop it..You are Embarrasing yourself. 45 replies
What do you ask yourself before a trade? 4 replies
DislikedHow do you guys pay yourself ?? Do you take a % of monthly profit or anything above your monthly target ??
I don't think I've seen anyone discuss this ever on hereIgnored
DislikedI can live quite comfortably on 20k/year. I have an annual budget which I follow and trade with the rest. I withdraw from that account only once a year (tax time).
If I do require more money elsewhere, I have other investments which help with my passive income. Trading I use if I need bursts of capital, or places to park my money because I can't invest it elsewhere.Ignored
QuoteDislikedBefore I ever thought of paying myself, I started paying off all of my debt. House payments, car payments, huge-ass big screen TV, etc....
QuoteDislikedDo you still need to pay tax even if your are 18?
QuoteDislikedI mean for your trading income? If you have to, then I would be considered lucky LOL
DislikedI'm amazed at how uneducated young people are on tax laws these days.
Yes, you do. It doesn't matter what age you are, if you make money the government is going to get some, if not all of it.
That is how I look at it, haha.Ignored
DislikedWell, for the US at least, currency trades have a special designation. Called a section 1256 contract. They are given a preferable blended capital gains tax rate. That information is filed along with a standard 1040a form just as any other capital gains would be.
If you're over the age of 18 (or have been emancipated) and not being claimed as a dependant (ie: in school) then you would need to file it yourself. If you're claimed as a dependant on your parent's tax returns then they will need to file the above w/ theirs.Ignored
QuoteDislikedThat's great if you have only profits for the year, or are a futures trader.
Check out Section 988 of IRC regarding currency gains and losses as ordinary income or loss.
The limitations under Section 1256 are different than under Section 988.
Elections have to be made and are usually irrevocable without IRS permission.