mss is correct (assuming no M2M election was made), and further, since only expenses are reported on the Schedule C, there's likely no earned...
(A) Generally the trading income or loss is allocated between the two states. If your residency actually changes (because you slept in CA 183+...
Far from standard stuff :D Based on your question (which is not at all the tax efficient way to do things, but with the information given...
As long as you have all that flexibility with the agreement then the answer is "it depends on what you want it to be" Nothing is written in stone...
Any of the above COULD be your situation... or other more tax-favorable choices COULD be your situation. A Limited Partnership, by definition,...
Top notch firm there... thanks for the link!
Possibly. Retroactively filing with Trader Status does not change capital gains and losses one bit. But electing M2M does do so. The...
Absolutely not! Someone who has Trader Status oftentimes should not elect M2M if he has a sizable capital loss carryforward.
You have two questions. Yes you CAN retroactively file with trader status, but before doing so discuss that with your own tax advisor,...
Actually they seldom, if ever, pay. What's the chance that 2+2=17 happening? :) Most errors are user input errors or user interpretation...
Actually it asks your occupation, not your title. Your occupation might probably be the same as listed on your Schedule C. If you do not use a...
I provided the link to the IRS website where you would could have learned that you are incorrect regarding the earnings retained in Ireland....
12.5% is sure attractive... for an Irishman national. But if you are a citizen of the USA then the income is taxed to you here in the USA as well...
Don, you never heard of a straw man trader? You don't think there's any in your LLC? Think again. Stick to running a great prop trading firm...
The taxpayer must meet the requirements of trader status as step #1. That's active trading (not buy & hold), as described in the previous link. A...
there are disadvantages to trading through a c-corp. general rule - do not do it. You can sometimes justify using a c-corp if you want to, in...
You want your cake and eat it too? Well this is allowed with a little care in handling your books and records and in making the M2M election -...
of course...
Stock trading does not go on Schedule C. Nor does Futures trading. Anyone who told you differently is either a charleton with some other motive...
Expenses on Schedule C has absolutely no bearing on whether you use Schedule D or Form 4797. Traders with Trader Status use Schedule C...
Separate names with a comma.