Jun 15, 2020
Introduction To Forex Trading Taxes (Basics)
In episode 250 of the Desire To Trade Podcast, I sit down with Courtney Kurisko to discuss Forex trading taxes and trader tax status in general.
Courtney is a Certified Public Accountant in the United States and specializes in day trader taxes. She also works with other types of traders as well as investors.
While this isn't a favorite topic of mine, I hope this gives you some insights on how to look at doing your own trader taxes.
Let's get started!!!
In This Episode, You'll Learn...
- Who is Courtney Kurisko and what she does 1:21
- What taxes for traders vs individual whats the difference 2:13
- How to determine if you qualify as a day trader for tax purposes 2:58
- What are the main differences between a day trader and investor 5:47
- What are the most common mistakes traders make in regard to taxes 8:20
- A short overview of how taxes for traders work 9:40
- General documentation that traders need to give their tax advisors 11:50
- The differences between a swing trader and investor 12:43
- Main differences in tax rate and deductions between classifications 13:27
- Interesting considerations that a trader needs to take into account in their taxes 14:25
- What are the potential consequences of doing your taxes as a trader without adequate advice 16:14
- How to separate your trading if you do both, day trading and investing 18:48
- What to do if you are just starting in trading 19:32
- What type of expenses may and may not classify for deductions as a day trader 20:29
- And much more!
What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!
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What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!