Don't Make These Mistakes! Taxes for Day Traders

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Күн бұрын

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0:00 Intro
00:28 Short term vs long term capital gains
3:23 Wash Sales
6:55 Mark to Market Accounting
12:18 Tax free vs tax deferred
15:33 Closing
#daytrading #warriortrading #rosscameron #stocks #learntotrade
Warrior Trading // Ross Cameron // Day Trade Warrior

Пікірлер: 375

@aschkansabaghi4901 3 ай бұрын

Ross is the financial literacy teacher we all needed in back in school 🏫 growing up!

@wjcarman 2 жыл бұрын

After talking with a CPA one thing that might be helpful to others is the concept that your money made day trading in a non retirement account is simply capital income and losses OR ordinary income and losses. If you elect to go trader status and mark to market it all becomes ordinary income and losses and can be deducted if net negative on trading year or added to other ordinary income if you work another job with a W2 or own another business and if net positive trading on the year. If you leave it as capital income and losses then only $3000 in losses per tax year can be deducted against ordinary income (any remainder amount does carry forward to next tax year). In my case as for some others probably I don't have any other capital income outside of trading so if I take a $10k trading loss for a year only $3k of it can be deducted against my normal employment income per year. Compare that to if I took a $10k loss in trading as a mark to market elected trader and I had another salary from normal work of $75k then I can write off the entire $10k trading loss against my normal job income. Hopefully that helps someone else. Thanks for making the video Ross

@DaytradeWarrior 2 жыл бұрын

Always good to reach out to a CPA for information on your specific situation and what may work best for you. Thanks for sharing.

@vickipedia3253 Жыл бұрын

I am not working any other job, do not have any other income. Only had short-term gains from stocks. Do NOT have Mark-to-market status. Can I not deduct my whole 10K short term losses from next years short-term gains of 20k? I think I can. Because that’s what Schwab’s website says giving an example.

@jonsager7436 2 жыл бұрын

Thank you! This was very informative!!

@DaytradeWarrior 2 жыл бұрын

You're welcome Jon!

@scubasteeze6621 Жыл бұрын

You're the best. Thank you for this!

@DaytradeWarrior Жыл бұрын

You're welcome!

@larkkenmars3306 2 жыл бұрын

Literally doing my taxes today so I needed this information. Thank you 🙏

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@khaledkhan1741 2 жыл бұрын

THank you Ross. Very helpful info and tips; as always.

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@MikesTube13 2 жыл бұрын

Fantastic! Thank you, Ross!

@ericagrant3197 Жыл бұрын

Thank you for sharing!

@DaytradeWarrior Жыл бұрын

Hey Erica! You're welcome 🙂

@la_uruguacha 2 жыл бұрын

Thanks a lot for the info🙏🙏🙏🙏

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@amorfati5005 Жыл бұрын

Always good content thank you Ross!!!

@DaytradeWarrior Жыл бұрын

You're welcome!

@86fourtrax1 2 жыл бұрын

For those that want to file as Mark to Market for 2022 taxes you need to mail in the irs request forms by April 15th.

@DaytradeWarrior 2 жыл бұрын

👍🤓

@brandycavazos6078 Жыл бұрын

Do you know how to find those forms?

@Wreakmayhem 3 ай бұрын

Call any CPA and they'll be happy to tell you. Download and print, or some will give you the form for the asking

@adityasaini-zo7zg Ай бұрын

After 2 years today is 15 aprl

@susiesunshine6803 2 жыл бұрын

Never heard of the Mark to market .....THANK YOU!! Don't know what we don't know.

@DaytradeWarrior 2 жыл бұрын

You're welcome Susie!

@charleskramer1411 2 жыл бұрын

ROSS I absolutely 💯 ❤️ this video! I actually was gonna ask you about this very topic! That's sooo 😎 thanks bro👊❤️🎯

@DaytradeWarrior 2 жыл бұрын

You're welcome Charles!

@charleslenox6967 2 жыл бұрын

Thanks Ross! Very informative!!

@DaytradeWarrior 2 жыл бұрын

Thanks for watching!

@charleslenox6967 2 жыл бұрын

@@DaytradeWarrior ..my fiancée and I took your class last summer during covid(2020). I learned alot. Did the simiulator everyday etc... Finally have my money and im ready to get into it.....slowly! Happy Easter!

@rossbednar5197 Жыл бұрын

Thank you Ross! Followed

@DaytradeWarrior Жыл бұрын

You're welcome Ross!

@K69Cam 2 жыл бұрын

Thank you Ross, I and many others needed to hear these advices. I know I've heard you mention this all before in your pro classes but it's been awhile since I took the course. And I needed the refresher

@alexvvedenskiyvlogs 2 жыл бұрын

Hi there , I'm curious how we're the classes. And how helpful they have been to your p&l? Thanks! Alex.

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@MyMathProfessor 2 жыл бұрын

Thanks! I have been waiting for this.

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@dontek3116 2 жыл бұрын

i really appreciate the insight

@DaytradeWarrior 2 жыл бұрын

Thank you!

@NikolajFolmer 2 жыл бұрын

great video Ross! this was really helpful

@DaytradeWarrior 2 жыл бұрын

Thank you!

@rustedironhorse6542 2 жыл бұрын

Great video Ross! I was starting to look into this as I move to full time trading and this has helped immensely! Thanks again for what you do for the trading community!!

@enoughofthis 2 жыл бұрын

Should o open an LLC?, how to?

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@jameskeeler6321 Жыл бұрын

Thanks you for your help.

@EnricoPozzo Жыл бұрын

Great video! Thank you for this!

@DaytradeWarrior Жыл бұрын

Glad you enjoyed it!

@brentfigura5719 2 жыл бұрын

Great video!

@DaytradeWarrior 2 жыл бұрын

Thank you!

@GoldenEagle7 2 жыл бұрын

Thank you much Ross !!

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@JoshuaBittner 3 ай бұрын

Ross, Thank you! You always put out helpful information. Cheers!

@nathchongsuwat6867 2 ай бұрын

FANTASTIC video sir. The sentiment here is great for the trader/investor.

@lovepeacewar32 Жыл бұрын

Thanks !

@DaytradeWarrior Жыл бұрын

Thanks for watching!

@joescopo8933 Ай бұрын

Ross, great video as always. Is there a link to the video that's all about setting up a backdoor Roth IRA? Thank you!

@philipe7971 2 жыл бұрын

Video full of value, thanks Ross!

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@echodelta_9315 2 жыл бұрын

Just want to say thanks for giving back to youtube community by coming out with these smaller lessons lately. Really helps!

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@ebuzz6898 2 ай бұрын

Thank you. Nice shirt.

@haber1259 2 жыл бұрын

Thank you for this Ross! Watching now.

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@tradergirl7067 2 жыл бұрын

Ross!!!! No one every told me about mark to market. Thanks man!

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@JS-cu1ji 2 ай бұрын

Thank you Ross for all your content! Is there a brokerage that allows you to trade in a HSA account?

@italianstylepizzapasta7490 2 жыл бұрын

Thanks Ross. I'm joining WT soon and taxes are something im gonna have to deal with.

@DaytradeWarrior 2 жыл бұрын

Thanks for watching!

@obijuan3004 2 жыл бұрын

Good video Ross. Everyone needs to find a CPA with experience with Day Traders. I made the mistake of using a CPA who was not knowledgeable of the various was a person could day trade, and the various tax laws. A knowledgeable CPA, is worth the cost. Like you said we all have different requirements, but if people are consistently successful and profitable trading is an IRA is a great way to go to save tax dollars.

@DaytradeWarrior 2 жыл бұрын

Thank you!

@memoryrinehart4452 Жыл бұрын

Some etf's like inverse ones are not tradeable from within an ira.

@Futbolnews12 2 ай бұрын

My most sincere gratitude for sharing your hard earned knowledge in this video Ross! Ross, in plain and simple language, what is the relation among: Proceeds, Cost basis and wash sales? I know there is a little math involved in this. If anybody else knows the answer to this, please feel free to to reveal it and I will seek professional help regardless before making any big decision. Thanks to any applicable party in advanced!

@NYCwatcher7 2 жыл бұрын

Hi Ross, thanks for taking the time to make this video, highly appreciate it as I have been struggling with my taxes for a while. I have an issue though: I have not received a confirmation from IRS regarding the mark-to-market election that I filed last year with my taxes. And as a result I still have wash sale losses. What should I do about this?

@DaytradeWarrior 2 жыл бұрын

It would be best to check on this with your tax specialist

@memoryrinehart4452 Жыл бұрын

They might not with how busy they are. And there's something else they require to file- form 3115, to change accounting methods, tho if you don't file it that won't invalidate your election, they say. Read tax topic 429. Headaches.

@mklifefilms 2 жыл бұрын

Great video

@DaytradeWarrior 2 жыл бұрын

Thanks for watching!

@2-4outdooradventure53 2 жыл бұрын

Great video Ross

@DaytradeWarrior 2 жыл бұрын

Thank you!

@steman9206 2 жыл бұрын

Thank you Ross!! great!!!! really appreciate

@DaytradeWarrior 2 жыл бұрын

You're welcome Stefano!

@stkhnds 2 жыл бұрын

Green Tax Service for traders would be a good resource. There is a video under the YCT KZfaq channel.

@DaytradeWarrior 2 жыл бұрын

👍

@avissavage9688 2 жыл бұрын

Thanks Ross

@verilucis 11 ай бұрын

Thanks,, Ross!

@DaytradeWarrior 11 ай бұрын

You bet!

@yahyajwad 2 жыл бұрын

great video thanks. one side question. what is the best U S broker for future? and what is best off shore broker for future?

@DaytradeWarrior 2 жыл бұрын

Lightspeed: www.warriortrading.com/lightspeed-trading-review/ These are two offshore brokers that people in our community or our educators have used that you can research. For accounts under $25,000 (as little as $500), you can take a look at CME Group (US and all international residents except Canada). CME Group review: www.warriortrading.com/capital-markets-elite-group-review/ CME Group website: cmelitegroup.com For accounts under $25,000 Minimum deposit of $1000 available to anyone outside of the USA except Canadians: TradeZero review: www.warriortrading.com/trade-zero-broker-review-how-it-matches-up/ TradeZero website: tradezero.co/ TradeZero WT rebate program: www.warriortrading.com/tradezero-broker-rebate-program/ (Keep in mind that participation in a Broker Rebate Program is not required to trade or to be a member of our community. Rather, they can be an opportunity to receive discounted commission rates if any of these brokerages are a good fit for you.) This article can be a helpful resource for exploring your options for day trading with less than $25k! www.warriortrading.com/how-to-day-trade-without-25k/

@jonathanli2554 2 жыл бұрын

Thank you Ross for the videos, just wondering if these taxes are just applying to US accounts?

@DaytradeWarrior 2 жыл бұрын

Correct! Tax rules will vary depending on where you live

@divopts2012 Жыл бұрын

AWESOME Vid - Over 60 but I still may look into that Trading in an IRA Account or ROTH IRA??

@DaytradeWarrior Жыл бұрын

Thank you!

@user-wr9if7tg8h 3 ай бұрын

Thanks very much for your video. Extremely helpful and concise. Quick question about daytrading losses. Obviously, if you are an active day trader (and there is no question as to your status in that regard) you would pay your income rate on your gain. As per your example, if you made $100,000 daytrading, you would pay $20,000 ( or higher de[pending on rates etc) in income tax. My question is, if you have $100,000 loss, do you reduce that from your taxable income and in essence get $20,000 of that back? Thanks very much

@sadiyazdani2884 2 жыл бұрын

Thank you Ross. your video is very helpful. Is Roth IRA acceptable for day traders specially if you are over 60? Thanks

@DaytradeWarrior 2 жыл бұрын

Yeah, it's always a good thing to save for retirement. You're welcome!

@chance2302 Жыл бұрын

Very helpful!! Did you interviewany CPA's prior to settling with the one you have or did your broker suggest the CPA? Just curious and thanks.

@DaytradeWarrior Жыл бұрын

Thank you! We had to find one.

@chance2302 Жыл бұрын

@@DaytradeWarrior gotcha. Thank you for the reply.

@daverave5880 2 жыл бұрын

What great content! Thank you Ross for posting this. Just out of curiosity, why do you trade in a retirement account and a regular account? Obviously, you don't have to answer but I am just curious as to what the merits/demerits are (other than having to wait until you're 60 years old to withdraw from the Roth IRA) for using both types of accounts. Thank you for your time!!

@mattcee7978 2 жыл бұрын

Because he can even withdraw out of a roth and pay alot less taxes and withdraw tomorrow without paying as much as a regular account

@oliverh.6793 2 жыл бұрын

Yeah I think the penalty is 10 percent for pulling out a roth early plus it counts as income for that year, but if you've been growing it like crazy for 5 or 10 years the amount of money you will get in the end is a lot higher than trading normally

@lucasbebell7249 2 жыл бұрын

Ross the GOAT 🐐 notification bell turned on

@DaytradeWarrior 2 жыл бұрын

Thanks for watching!

@EloffMusketeer Жыл бұрын

@ 5:15 the taxable is $110,000? (100k + 10k wash sale disallowed)? I thought the wash sale off-sets? I thought that wash sale would be absorbed so the new cost basis would be a taxable gain of $90,000. Please correct me if I'm wrong

@Anthony-wp1by 2 жыл бұрын

What is your opinion about self proprietorship?

@whataboutmkultra6117 2 жыл бұрын

Great info Ross. Thanks 🙏🏼

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@dybo79 2 жыл бұрын

Ross you didn't mention if you filed as Mark to Market? I've been keeping a log of losses so I know not to trade them depending on the size of loss. Mark to Market sounds like the way to go but I'm not making the big bucks yet so it wouldn't really make sense to form an LLC just yet.

@DatGinnga Жыл бұрын

Smart. I was trying to think of what do before my mark to market paperwork passed 👌🏻👌🏻

@Mv3Trader 2 жыл бұрын

Another key note is not all day trades are taxed the same. For examples, day trades on Futures are not taxed the same as day trading stocks. There's a completely different form to file commodities on. Plus, there's other ways to reduce your trading taxes with traders tax status, as Ross mentioned in the video.. The key is to make sure you speak with a CPA that specializes in taxes on the market you trade. Generalist CPAs (Like the one's you'll find at places like H&R Block for example) are best with regular W2 employment. Outside of that, seek the specialists and shop around before making a decision. ***I'm not a CPA***

@NinthDensity Жыл бұрын

Ross is an amazing teacher. Everything is so concise and comprehensive. Subbed.

@DaytradeWarrior Жыл бұрын

Thank you very much!

@BlakDynamite615 2 жыл бұрын

was just wondering about this a few days ago. right on time.

@DaytradeWarrior 2 жыл бұрын

🤓👍

@TurkNukemHD 2 жыл бұрын

Guys , Ross missed something important and that is $3000 limit. You cant deduct capital losses over $3000 per calebder year....So MTM not only clears wash sales but also removes $3000 limit on yr losses...

@divopts2012 Жыл бұрын

Sure about that - I thought you Couldn't GO OVER more than $3000 losses and the remainder had to be added to the carry over?? AE: so if you had $50k in previous losses. and you loss $25K the next year. you CAN deduct the whole $25K + 3k More, then Carry over balance is now $22K

@brandycavazos6078 Жыл бұрын

He literally said that...

@sfstilter 2 жыл бұрын

Great video Ross however I wish you put more info in regarding 475f - Mark to Market election. There are a lot of rules that need to be followed or you will put yourself in a very bad space. Also removing the election is difficult and requires even more specific rules which I feel you should cover as many people will not survive day trading.

@DaytradeWarrior 2 жыл бұрын

Thanks for mentioning that, I’ll make a note to add to next time I teach the class.

@divopts2012 Жыл бұрын

I think to get approved you need to meet some requirements. One of those requirement is 750 to 1000 trades per year??? I also saw a video years ago of the Problem with MTM on how your account is now handle. Meaning you can't carry losses to the next year, you have to claim all losses or gain at the end of the year?? Not sure exactly how that work. I have not applied but I'm Still doing Research on TTS - which may be a better Path I think that also has to be filed at the IRS.. and same requirements And may solve the Deferred losses??

@fazlulchowdhury1907 7 ай бұрын

Important video! Last Friday, I purchased some stocks during market hours at $1.05. It showed up the same value before market closed. When I open my account next morning (Saturday) I followed that the purchased value is changed to $1.27 per share. I spoke to the broker about it. They said, it happened because of wash sale. I am suspicious about the price change during market closed hours. My question is that if it is for wash sale why they allowed me to buy at market value $1.05 and after that they changed value in off market? The price difference seems to be very high too. If any advice please share.

@a1xlntautoglass 10 ай бұрын

Ross thank you for knowledge and time that u provide to the trading community. If I go in and out of a particular stock to take profits ( no loses ) and buy the same stock as it keeps on climbing and perhaps increasing my position, will that constitute a wash sale even though I have not lost any money ?

@DaytradeWarrior 10 ай бұрын

Based on the wash sale definition yes. That said, it's important to reach out to a CPA knowledgeable in trading transactions that can help with your specific needs.

@INNO222 2 жыл бұрын

Great clip Ross.

@DaytradeWarrior 2 жыл бұрын

Thank you!

@backlund04 2 жыл бұрын

This was my first year doing taxes after having my account officially flagged as a PDT. I had some gains in Crypto, and some losses in Stocks, which I was fine with the losses because it was going to even out my crypto gains a little. I had no clue on wash sales and they hit me. I guess it could have been worse from looking into it now. I had figured my tax data was wrong, but it wasn't. It was the wash sales. I will definitely be looking into mark to market and will prepare better for taxes next year.

@DaytradeWarrior 2 жыл бұрын

Sorry to hear that, but we're glad you were able to learn from the experience!

@divopts2012 Жыл бұрын

Can you still claim those Wash sale Losses???

@realMDizzy 10 ай бұрын

How many trades did you make that year? I'm just realizing now in my first year of trading that this wash sale rule may bite me come tax time next year.

@connorthornsberry4168 Жыл бұрын

Ross, Is Tax Trader Status and Mark-to-Market the same thing? I am a bit confused on how to apply for Trader Tax Status with IRS and if it is the same thing as Mark-to-Market? Thanks for the info!

@DaytradeWarrior Жыл бұрын

Yes, those are the same thing! Ross talks more about the subject in our classes. If you haven't had a chance to attend yet, one of the best ways to learn how to get started would be to join us in our next day trading class. The class is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/

@divopts2012 Жыл бұрын

@@DaytradeWarrior Hum, I thought they was different??? I thought You had to Actually Select MTM when you apply for TTS Thus I haven't Applied because I thought the two downsides was as MTM you can carry forward any losses, and as TTS you get taxed at the higher rate??

@wread1982 Жыл бұрын

The wash rule your were trying to explain is you can’t sell then rebuy a similar stock in the same sector like, Exxon then Chevron, or sell Home Depot then buy lows with in so Many days or or say two similar tech companies that both do cloud or manufacture software

@DaytradeWarrior Жыл бұрын

👍🤓

@memoryrinehart4452 Жыл бұрын

Your broker is only going to apply wash rule to same CUSIP stock/etf, not similar ones.

@sniperman1109 Жыл бұрын

Hey Ross, great vid! To apply to mtm can you apply right off the bat without having made any trades or do you have to trade for a little bit to build up a trade history before you can be eligible for MTM? I would like to start day trading soon and don’t wanna have to worry about wash sales so kinda wanted to get everything lined up before actually trading with real money. Thanks!😁

@DaytradeWarrior Жыл бұрын

Thanks for watching!

@hemsen100 Жыл бұрын

Did you get the answer ? Look like I am also in same boat. Please share the information if you have it

@divopts2012 Жыл бұрын

I think to get approved you need to meet some requirements. One of those requirement is 750 to 1000 trades per year??? I also so a video years ago of the Problem with MTM on how your account is now handle. Meaning you can't carry losses to the next year, you have to claim all losses or gain at the end of the year?? Not sure exactly how that work. I have not applied but I'm Still doing Research on TTS - which may be a better Path I think that also has to be filed at the IRS.. And may solve the Deferred losses??

@ninaruseva6340 8 ай бұрын

Ross, are you persoanlly mark-to -market accountinng? are there any cons if one elects MTM?

@DaytradeWarrior 8 ай бұрын

I enrolled in it years ago, I’m not aware of any downsides

@DrumStopTV Ай бұрын

Do you recommend trading through an llc or llc taxed as a s corp?

@DaytradeWarrior Ай бұрын

Imo s corp is better

@kylehoward4979 Жыл бұрын

This was the closest I've come to understanding the wash sale rule as it applies to day traders, so thank you for that. But I'm still so confused how it's applied to people taking short positions. 31 day, December 31st? What when where how why and huh?

@DaytradeWarrior Жыл бұрын

Of course, happy to help. A CPA that deals with trader tax is the best place to go for more detailed answers.

@jeremykopke5823 2 жыл бұрын

Would love to set up a call with you over zoom. To see where I can improve in trading

@DaytradeWarrior 2 жыл бұрын

If you haven't had a chance to attend yet, the best way for you to learn more about trading and how you can get started would be to join us in the next live Warrior Trading webinar. The webinar is free to join, and you will receive a copy of Ross' best selling ebook "How To Day Trade" just for sticking around until the Q&A! You can learn more and register here, if you're interested: www.warriortrading.com/free-day-trading-class/

@tuntun17cv 2 жыл бұрын

Ross I have a question… CMEG is a foreign company and they only give you the executions info, they do not give any sort of 1099 or anything like that. Are you just declaring the difference of losses and profits?

@DaytradeWarrior 2 жыл бұрын

Carlos, we recommend reaching out to a registered CPA for help with taxes.

@MrSanbonsakura Жыл бұрын

are you paying taxes in the end of the year or like when yoy employed you should pay on monthly base ?

@DaytradeWarrior Жыл бұрын

Depends on what works best for you!

@Paulina-br6tm Жыл бұрын

I am trying to file my taxes for the first time as a day trader, and this was not helpful at all. Most of the content is knowledge I already had or could quickly google. I need advice on how to file and this was not that. The only helpful advice here was to use a CPA, as the author of the video does. Thanks.

@cbriones06 Жыл бұрын

Does an llc have the wash sale rule eliminated by default or do you still have to apply for MTM for that llc.

@jhi8h194 2 ай бұрын

It’s eliminated but u need 25k+ to keep the lvl running

@chadgoyette33 8 ай бұрын

Day Trading beginner under 25k account and wash sale rule. My question is this, let’s say I execute 3 round trips on the same stock within the rolling 5 days, as a new day trader, the brokerage is going to add my losses to the next trade per share since I didn’t wait the mandatory time Frame. Is have a Mark to Market account the way to avoid this? I ask because what if I were to execute a trade based on the movement of 10 cents per share and the wash sale rule prevents my cover for the position I want to enter at? Not sure if I explained my concern of the wash sale for day trading the same securities correctly, and perhaps the Mark to market account eliminates that concern. Also new to your KZfaq Channel today and have been watching all morning. Great information and I have been taking notes all morning.

@DaytradeWarrior 7 ай бұрын

That would be a good question for your broker! Thanks for watching 🙂

@ryansm3417 2 жыл бұрын

A key point regarding wash sales that I don't think you mentioned is that a wash sale will be triggered only if you sell (for a loss) then buy back within 30 days. There's some other caveats as well, but there's a couple decent youtube videos on just wash sales, search for them.

@DaytradeWarrior 2 жыл бұрын

Yes thank you that’s correct!

@sebastiantevel898 Жыл бұрын

He clearly mentioned that....

@amineseventeen9830 2 жыл бұрын

Nice to laern from you

@DaytradeWarrior 2 жыл бұрын

Thank you!

@jmar8507 Жыл бұрын

Is there an accounting program you recommend for keeping track of trades and also for preparing taxes? Something user friendly??? Thank you.

@DaytradeWarrior Жыл бұрын

We recommend reaching out to a financial advisor/CPA for help with taxes.

@jmar8507 Жыл бұрын

@@DaytradeWarrior Is there a program you use for organizing the data that you're then going to take to your CPA or do you just use Excel and enter each and every trade manually?

@memoryrinehart4452 Жыл бұрын

@@jmar8507 Your broker always has the records.

@vickipedia3253 Жыл бұрын

Can you do a video in Mark to market account?

@DaytradeWarrior Жыл бұрын

Ross let's professionals handle that sort of thing as tax questions will depend on your individual circumstances. We recommend reaching out to a local CPA in your area to get more information. All CPAs should be knowledgeable about trading transactions, but be sure to confirm if they have dealt with these kinds of situations before.

@Ulfius1984 2 жыл бұрын

Does Mark to Market accounting require a business entity? My loss write-off this year was limited to $3,000 against my regular income. Would I have been able to personally deduct more if I was Mark to Market?

@winningleader7911 2 жыл бұрын

Yes

@jamienagy1224 4 ай бұрын

At what point in your trading career would you talk with a CPA? The studying or activity trading part?

@DaytradeWarrior 4 ай бұрын

Once you commit to trading with real money. In sim it doesn’t matter, but with real money, do you want to make sure you’re doing it right and not setting yourself up for a surprise

@brendond747 Жыл бұрын

Ross, where can i get that shirt? seriously cool

@DaytradeWarrior Жыл бұрын

Brendon, email out team and we'd be happy to help: team@warriortrading.com

@wackadoodle4446 2 жыл бұрын

After filing for mark to market , would you have to file each subsequent year ?

@DaytradeWarrior 2 жыл бұрын

Nope you just file the one time

@wackadoodle4446 2 жыл бұрын

@@DaytradeWarrior thank you…another question…the mtm elective goes in effect the following year when filing taxes? Thanks for your help

@memoryrinehart4452 Жыл бұрын

I've never had broker list wash sales as "exempt" only disallowed.

@DaytradeWarrior Жыл бұрын

🤓👍

@snow-beach Ай бұрын

If you are day trading with money in a Roth IRA, and don't physically remove the gains from the Roth, does this reduce the taxes you pay on a short term taxable gain ? (since it's in the Roth)

@winningleader7911 2 жыл бұрын

E*Trade provides wash sale amount per each stock the day after the transaction and keeps cumulating it.

@DaytradeWarrior 2 жыл бұрын

👍

@vallong6338 5 ай бұрын

Will I be stuck paying taxes on the Gains column there or the Deferred Loss Column? We have no CPA's within 110 miles of me that can help. This is my first year and I am panicked. Thank you

@MrDavidmantilla 2 жыл бұрын

Thank you for the info Ross!

@DaytradeWarrior 2 жыл бұрын

You're welcome!

@georgekevinhynes1061 2 жыл бұрын

Does anyone know if an individual trader that trades in an Individual brokerage account ( not a business LLC or S -corp brokerage account) can file and get accepted for Mark to market accounting with the IRS? thanks

@DaytradeWarrior 2 жыл бұрын

Yes you can

@3loo_ Ай бұрын

bro how do you have a video for every question i have

@christopherkrasoulis7952 Жыл бұрын

Can I write off all my trading equipment purchased to start my day trading business without having an LLC or is an LLC required?

@DaytradeWarrior Жыл бұрын

We are unable to provide any personal tax-related advice and cannot recommend a specific CPA. Tax questions will depend on your individual circumstances. I recommend reaching out to a local CPA in your area to get more information. All CPAs should be knowledgeable about trading transactions, but be sure to confirm if they have dealt with these kinds of situations before. For our Warrior Pro members, chapter 18 of Day Trading: Strategies & Scaling (formerly the Small Cap Day Trading Course) (Part 2) is focused on taxes for day traders. We also have a few links on our website with some helpful articles we wrote about trading and taxes: www.warriortrading.com/day-trading-taxes/ www.warriortrading.com/maximize-tax-returns/ www.warriortrading.com/mark-to-market-definition-day-trading-terminology/ Taxes for Day Traders Video: kzfaq.info/get/bejne/jbB4mrB13rS8e6M.html

@gregoryburke3770 Жыл бұрын

I don't think you can use short term capital gains from stocks as income in an ira as its not considered earned income.

@DaytradeWarrior Жыл бұрын

👍🤓

@TheCornucopiaProject-bd5jk 3 ай бұрын

Wash sale : what happens if I have 1000 shares that hold a 20% unrealized loss. I buy an additional 1000 shares. And 2 days later I sell 1000 shares. Will this be a wash sale? Or do I get to use the 20% loss against my taxes?

@1NZWRLD Жыл бұрын

Ross i have a question. So lets say i gain 20 thousand but lose 15 thousand I dont have to pay taxes on the 20 thousand will I? Or do i subtract 15 from 20. Which wil mean i will only have to pay taxes on a 5k gain intead of 20k?

@DaytradeWarrior Жыл бұрын

Gustavo, here are some helpful articles we wrote about trading and taxes: www.warriortrading.com/day-trading-taxes/ www.warriortrading.com/maximize-tax-returns/ www.warriortrading.com/mark-to-market-definition-day-trading-terminology/ Taxes for Day Traders Video: kzfaq.info/get/bejne/jbB4mrB13rS8e6M.html

@WorldCollections Жыл бұрын

Can I ask for a mark to market account half way through the year to cover for trades at the start of the year?

@DaytradeWarrior Жыл бұрын

Not sure, that's a better question for an account or CPA

@divopts2012 Жыл бұрын

I haven't applied yet, but I heard it can take a long time to actually get approved 6months to a couple of years?? As far as applying IT hing you have to APPLY before end of tax season in April. maybe that's why it get kicked down the road.

@commentoria Жыл бұрын

The short term capital gains cannot be moved to a 401k, A 401k is with your employer and the money you earn from them.

@DaytradeWarrior Жыл бұрын

👍🤓

@DieLechtaler 2 жыл бұрын

Hello Ross, What with taxes if you a non US citizen living in Europe, and want to trade with a US broker? With kind regards

@DaytradeWarrior 2 жыл бұрын

Tax questions will depend on your individual circumstances. I recommend reaching out to a local CPA in your area to get more information. All CPAs should be knowledgeable about trading transactions, but be sure to confirm if they have dealt with these kinds of situations before. For our Warrior Pro members, chapter 18 of the Small Cap Day Trading Course (Part 2) is focused on taxes for day traders. We also have a few links on our website with some helpful articles we wrote about trading and taxes: www.warriortrading.com/day-trading-taxes/ www.warriortrading.com/maximize-tax-returns/ www.warriortrading.com/mark-to-market-definition-day-trading-terminology/ Taxes for Day Traders Video: kzfaq.info/get/bejne/jbB4mrB13rS8e6M.html

@patnotpatrickplays6344 Жыл бұрын

If u trade in a roth ira can u still withdraw the money or you have to wait until retirement to withdraw the money u made in the roth ira for day trading

@DaytradeWarrior Жыл бұрын

The same withdrawal rules apply typically.

@christianfiguroa7147 Жыл бұрын

What’s a good video on how to trade in a Roth IRA and what happens when you want to withdraw? And if you have a job how do you go about filing your taxes

@DaytradeWarrior Жыл бұрын

You can check out this blog for more info - www.warriortrading.com/how-you-can-day-trade-in-your-ira-account/

@JustinTrader85 Жыл бұрын

Can anyone answer whether an Scorp, set up to exclusively day trade, is eligible to take the 20% pass through QBI deduction? Im getting a lot of fuzzy answers. if "it depends", what does it depend on?

@memoryrinehart4452 Жыл бұрын

IRS has an info number. Best to get it right from the horse's mouth.