August 12 - Robert Green - Green Trader Tax

[Ryan W 76]

Please use this thread to post your questions before and after the Success Webinar!

Green Trader Tax

On August 12, join Robert A. Green, CPA, of GreenTraderTax.com as he explains the tax advantages of “trader tax status” (TTS). Learn the golden rules for how to be eligible for and claim TTS, no election is required. TTS traders deduct business expenses, startup costs, and home office expenses, whereas investors cannot. Learn how TTS traders use an S-Corp to deduct health insurance and retirement plan contributions. TTS traders are entitled to elect Section 475 MTM ordinary gain or loss treatment. Section 475 trades are exempt from wash sale losses on securities, and the $3,000 capital loss limitation. Section 475 income, net of TTS expenses, is eligible for the 20% qualified business income (QBI) deduction if the trader is under the taxable income threshold. Automated trading systems (ATS) can qualify for TTS, providing the trader is significantly involved with the ATS.

By: Special Guest - Robert Green

Date :   Wed, August 12, 2020
Time :  8:00 PM ET
Location :  Webinar Room (Lifetime Members only)

[hailchaser2 185]

If we claim TTS now, will that status cover the first half of this year, or just from this point forward?

Some off shore brokers don't give any official statements to users, could we still claim their fees as costs?

[DigimonATX 0]

Just signed up for the discounted trial week membership in BBT, planning to catch this seminar.  Now, I see that it's limited to Lifetime members only?  So, I don't get to watch it now (or ever)? 

 

[wklodge 2]

On 8/12/2020 at 4:01 PM, DigimonATX said:

Just signed up for the discounted trial week membership in BBT, planning to catch this seminar.  Now, I see that it's limited to Lifetime members only?  So, I don't get to watch it now (or ever)? 

 

It will be posted on Youtube too so non-Lifetime members can access it.

[wklodge 2]

On 8/8/2020 at 11:41 AM, hailchaser2 said:

If we claim TTS now, will that status cover the first half of this year, or just from this point forward?

Some off shore brokers don't give any official statements to users, could we still claim their fees as costs?

If you're filing as a sole proprietor, the deadline for the TTS election has passed. It was when you filed your 2019 tax return. However, you could for an entity and file for TTS within 75 days of the forming. But, since it's rather complicated, I'd refer to GreenTraderTax about that. You can either consult with them ($270 for 45 minute consult), or buy their Trader's Guide for $60. You can get a lot of info out of the Trader's Guide, but for setting up an entity, I'd consult with them. After the entity is set up, your TTS status would be effective from that point on (but, again,  I'd consult w/ GTT for the particulars).

Edited August 15, 2020 by wklodge