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2022 Trader Tax update:
🔽Time stamps:
2:08 IRS Capital gain tax rates
4:13 Tax breaks & wash sale rule for investor traders
7:55 Best way for filing day trading taxes- TTS tax breaks
10:09 How to qualify for Trader Tax Status
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How to file day trading taxes in the US? How to qualify for Trader Tax Status under IRS rules. Most Day Traders and Swing Traders fall under the regular investor status when filing for IRS taxes.
Capital gains for investors fall under 2 categories: Long term and short term tax rates.
1. Long term tax rate: More favorable tax rate for investors. But only for stock market positions held for over one year. So generally day traders and swing traders do not qualify for this.
2. Short term tax rate: Day trading and swing trading are taxed as ordinary income tax rates.
Filing stock market taxes as investor status has limited write offs due to Tax Cuts and Jobs Act 2017, have to follow Wash Sale Rule, and can only claim up to $3000 capital loss against income per year.
That’s why day traders prefer Trader Tax Status designation. TTS allows fully deductible losses, no wash sale rule, and generous tax write offs for trading expenses. But the TTS is harder to qualify.
General IRS Guide for Trader Tax Status
1. At least 30 hrs per week spent on trading activities
2. Average holding period is less than 31 days
3. Operating with necessary tools and software
4. Trading with a significant trading account
Zip Trader Charlie’s videos on Taxes:
Resources referenced on Day Trading Taxes and Trader Tax Status:
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Link do Vídeo
What's your experience been like filing for day trading taxes with the IRS? Let's hear it 😀
👋 I gain $12000 in stocks and lost $4000 in Cripto in 2021 I'm in the U.S.
How much will I owe in taxes
Hey got a question.. If you qualify for Trader status and do m2m election and establish your trading business as sole prop… do you have to pay SE tax?
Sighhhhh. Canadians!
2:55 “it’s the kindest thing the IRS has ever done.” It would be, if it were true!! 🤣
She is 100% wrong about capital gains not being taxed if they’re under $40k. Capital gains tax rates are based upon TOTAL income (like from your day job as well).
came here with a serious mindset but your humor got the best of me. Had me laughing at the beginning. Thanks for sharing.
wash sales losses can be carried forward.
GREAT VIDEO THANK YOU!!!
You should not make this videos just for earning money from Youtube. You can get people into a lot of trouble, know your stuffs before uploading it.
Where did you get 8 years limit to carry forward capital losses. I believe it's forever in the US. Quoting this from HR Block website: "You can report current year net losses up to $3,000 — or $1,500 if married filing separately. Carry over net losses of more than $3,000 to next year’s return. You can carry over capital losses indefinitely."
I think you are the hottest woman on the planet. Also, I’ve been a very successful high frequency day trader since the late 90’s.
I would have preferred her giving doing this video wearing a white teddy and thong.
I'll see your videos for the bad jokes👌
0:38 "I have no idea what I'm talking about. I'm not even American."
Gold.
You are funny. Thank you.
Short term capital gains are increasing from 20% to 39.6% under this new tax bill . 🗣🗣 FJB!!
I think 2:42 is wrong/unclear. The no-tax situation only applies to income < 39375 in 2019 and 40000 in 2020 NOT long term gains!
dis female is full of stereos and oreos
Sarcasm is the highest form of intelligence. Perfect mix of humor and useful information.
The video was ruined when she subliminally baited us to subscribe at 6:19
Do you want to marry me so you can live in the US? All I require is a desk with monitors in a room. I also cook.
Someone told me that if I sell a stock for the same price I bought it, the IRS still deducts money from my sell, which means, I'll be losing money even if I don't get any profit from it. Is that true? I would appreciate if someone clarifies that to me.
Good video. Me love you long time! : )~~
What are the plate forms that non USA resident and non American people to trade in the American market without social security ?
You are ver good teacher
hi Humbled Trader or anyone who know this question. Assuming you have a net gain at the end of each quarter (say ~100k usd each quarter), do you still have to make quarterly tax payments if you or your business entity qualifies for TTS? Or due to the mark to market election, you can just make ONE tax payment on your total annual gain before January 15 of the following year? Thanks a lot.
Hello, Could someone recommend a good affordable CPA that specializes in Day Trader's taxes ? I would really appreciate… In Los Angeles would be even better ! Thx 🙂
Do you have to pay taxes once profits are realized or when you send it to your back account?
Are you even a profitable trader???
audacity of the govt to make us pay something they create at a rate of trillions a year from thin air
1:53
The government want all of us to be poor
How to calculate the average holding period? Can you give me an example? Say I have held 1 SPXL for 30 days, and 1000 AHT for 1 day, is the average holding period calculated as (1*30+1000*1)/(1+1000)? Thank you!
that is only if you made money lmao
Man what are considered capitol Gains?
If I make a net positive of .17 cents all year do I owe?
Using TOS never did an excel with all my trades. Is it possible to retrieve from TOS or from TD ameritrade a list of all my purchases or sells?
Fap Fap Fap Fap, Money, Humbled Trader uhhhhhh!
But wash sale losses only apply to securities per the IRS, and per the IRS virtual currency is listed as property.
not going to lie, but i was wondering what 123BS was until I realized she bullshitting lmao XD
You can’t elect mark-to-market for the previous years trading activity. You have to elect 475 by April 15 in the year you want to be a mark-to-market trader. You can retroactively claim TTS if you qualify. I think you’re confusing TTS and 475. Now, you can elect 475 during the year IF you are setting up an entity (LLC/S-Corp).
Chinese spies are becoming more and more sophisticated. Well done.
It requires money to make money. This is the best secret I have ever discovered we don’t make money, we earn and multiply money
Every year i just upload my broker statements on to Turbotax and they just do the rest.