Trader TAX Explained ft. Brian Rivera

does this wash sale stuff apply to day traders in Canada?

Im in the U.S. Hypothetically speaking let's say I had a $1,000 account and grew it to 10,000. (9,000 in profit) Now let's say I lost 4,000. Would I still have to pay tax on the entire 9k or would i only pay tax on the 5k? Do I need to set aside tax money from every individual trade?

very informative

Moving to Porto Rico

I lived in Vieques Puerto Rico for 3 years i love it Cool 👍

Thanks for the vedio , Want to know if we have a fulltime job and do the trading on the side note and still can qualify for Trader Status ?? How do we do that ?

say i make $500 a day day trading , do i pay 10% on every trade , or at the end of the year i make 120k combined and pay 24%?

Girl! Thank you so much for this, its exactly what we need but there are not a lot of videos on the necessary knowledge for the legal/ law side of investing. God bless you in Jesus name!

"It's an honor to pay tax." Bro, only a CPA would ever say that. lol

I don’t like him mostly he seems way to harsh and serious.
How do we get better tax rules for traders in all states?
Do other countries have better tax rules?
Can they make income trading us stocks and futures or like gold and oil?
All losses should not be taxed.

What Idiot says it’s a “Honor” to pay Taxes ? 😂🤡😂

excellent interview! thank you for the information.

An honor to pay taxes!!?? Only in his opinion. That is not the what the 1-percenters that knows how to get around say. What an insane thing to say.

Me watching this as if I’ve made any money yet 🤔

Well I guess i'm screwed

She sounds like that meme that goes… do you shave your…

I can find this anywhere. I lost money last year but paid a massive tax bill. How does that happen. I day trade. All I can think is that if I were to buy a stk 10 , sell at 5 , get back in at 5. They add the 5 loss to the 5 to Kate cost basis 10. Then I sell at 5. Are they counting the ,+5 added as a gain? Any other that's why? Thx

A trader must make the mark-to-market election by the original due date (not including extensions) of the tax return for the year prior to the year for which the election becomes effective. So for the year 2022 the election had to be maid when filing 2021 return

Thank you

Thanks, Shay and Brian. :)

This is a fantastic video. It's clear and easy to understand your explanations. Thank you for providing this information.

LMAO- i loved it when you posted " moving to Puerto Rico, be right back..." I rewind that joke 3 times!! haha. joking aside, thank you for providing quality info. I really appreciate it.

Thank you for the information! Did you know any CPA who is good at trader tax in Canada?

Great questions! Learned a lot!

If i incurred capital loss in previous years that was carried over in my taxes and then i incur profit in one of the future years. Will that profit balance out the previous carryover loss even if i have not filed for mark to market status?

Just move to Puerto Rico

Just saw this one year later. I must say that out of all the corny jokes you make, the 0% tax skit had me lmfao. I'm sure your jokes have gotten better since this video, considering you had over a year to perfect them 😀

Is this the same for futures traders ?

EXTREMELY CONFUSING

Does every single trade need to be entered or submitted or just yearly totals ?

Hypothetical: Lets say you had capitol gain losses in securities of:
$10K in 2019
$10K in 2020
$10K in 2021
and you have no gains to offset against, then given you can deduct $3K against ordinary income, does that mean for 2022 tax year the carry over is 9K total against ordinary income, (3K for each each year)?

Hi I have a question if you buy an option at different expiration date or price is that consider wash sale

Hi i have question.. i am going to files tax this year and most of the time do options and my question is should I hire a cpa or a normal tax preparer would be fine in this case? Pls reply this could save my time

every time i watch one of your videos, my heart feels lighter and my smiles wider. you are the best ❤

thank you,

hmm i live in Thailand, i wonder if my taxes would be similar to PR?

OHHH this was suuper useful information and accurate. Please, do similar thing, but someone from UK. That gave some ideas, but have not found yet.

Can I just hire Brian as my CPA, lol? Also, moving to Puerto Rico.

Learning alot from this.

Great contents for all beginning traders. wish I've found you guy and gal earlier; but it's never too late for anything :D

Hello how about the wash sale problem in Canada

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Can Canadian traders trading US stocks form an LLC? do we also need to pay CRA if trading US stocks only?

Do you pay state taxes as a day trader?

700 trades in what time frame, a year? Ive seen someone say 45 trades a day which is a no for me

Hi Shay, why not do a similar video with a Canadian CPA? ;_)

Love the jojo reference 😂

Love the jojo reference 😂

@humbled Trader . What if if I forgot to send 3115 , will it invalidate my 475 f election 🗳