6 Types Of Day Traders!!

[@BrianRiveraCPA]

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[@skillboy777]

9:24 - How are we eligible for the QBI deduction as prop firm traders? I would love for that to be the case, but two of the specified services are (#1) Persons who trade in securities, commodities, or partnership interests; and (#2) Dealing in securities, commodities, or partnership interests. I used to have the QBI designation on my schedule C, but switched it to SSTB when i realized the services i provide to a prop firm by trading their capital in the currency/commodities markets most likely fall under the category of specified.

[@idiotu668]

Just found your channel... I will hire you soon... I think I will need your services to compliment my set plans

[@luxury70lc]

😲🤯🔥🔥🔥 I had no idea there were so many different classifications. Thanks Brian! I need to figure out where I'm at and see what is most beneficial for me!

[@RICKYCRUZZ]

this video really opened my eyes to traders

[@coachsirzamar6785]

Thanks for this

[@donmarquez2411]

FINALLY SOMEONE EDUCATES PROP TRADERS! Lol Can you please make an in depth video on Prop traders! Love your content! 🙏🏼

[@BrianRiveraCPA]

What are some areas or pain points you think proprietary traders face ?

[@donmarquez2411]

@@BrianRiveraCPA Trading for a prop company as a yourself or if forming an LLC to trade their Capital holds any benefits. I’ve also seen some massive payouts, so if electing to be an S-corp would have any advantages as well in terms of your over all profits. Because I’ve apart of some groups and an issue with being a full time prop trader regardless of profits is some sort of pay structure for getting apartments and things like that. 🙏🏼

[@BrianRiveraCPA]

Great thank you!

[@dawgmanco2007]

This would be an awesome idea for a video

[@adolfoartigas3249]

Thank You for discussing Prop Firms. I've been searching for days for a CPA that has Prop knowledge.

[@F.X.Techniq]

the Bot I use makes 300+ trades a month. Lotta great info here

[@ET-bg8ru]

Can you make a video on family office trading?

[@LostOneTrades]

Are there more cpa fee implications for the quantity of trades you make throughout a year? (Scalping)

[@BrianRiveraCPA]

Not necessarily. Depends on a few things like number of brokers.. types of assets traded.. etc

[@11BarriosJL]

That offset dollar for dollar is huge

[@BrianRiveraCPA]

Absolutely!

[@TradeAngel22]

Can you please tell me if forming an LLC Would benefit swing traders. I’m an option trader who does weekly’s and monthly’s, no day trading. Would I benefit from incorporating? Please make an episode about it

[@realwray]

Brian, just caught this video. nice job. one question; Can i deposit gains made from trading 1256 futures contracts into my IRA as contributions from earned trading income. Currently, I just pay the capital gains from my 1099 at the end of the year and haven't used the 'active trader' status since i don't trade anything else, just futures and futures options.

[@BrianRiveraCPA]

Not as contributions of earned income. 1256 is considered capital income. If you have other sources of income that are subject to social security then you could

[@allitm4642]

Do you file taxes for Canadian Forex Traders as well? Awesome video!! Keep up the great work Brian 👍

[@BrianRiveraCPA]

Unfortunately my firm handles US only

[@allitm4642]

@@BrianRiveraCPA okay thanks for clarifying

[@WheatBread006]

I trade in my entity and have elected 475. I have a lot of capital losses this year in my individual account (ring-fenced from my business). Any gains in my entity won’t offset the capital losses in my individual investing account because gains in the entity are treated as normal income….correct? That means all but $3,000 will be treated as capital loss in my individual account and carry forward to future years….correct?

[@genelittle73]

Looking at scalping future contracts only should you even file tts or llc?

[@BrianRiveraCPA]

It depends -- probably don’t need mark to market as you get 60/40 tax rate. The business expense side you could benefit from.

[@Tadnowly]

What brokerage account do you use

[@alfonsozamora2332]

Hi Brian, just found you on YT, great channel n content (I have an accounting background, now doing day trading)! When I form an LLC and do the M2M election as part of the incorporation, do I still need to file the 3115 as part of my first tax filing next year?

[@BrianRiveraCPA]

Brand new llc - not needed

[@natecannon2734]

Hey Brian, am looking into finding CPAs for my trading. It makes more sense to hire a CPA from my state instead of another state right?

[@Its_ayeedrian]

Hello this is my first year trading and I’ve experienced some losses unfortunately. Are losses able to be used as a loss to go against my w2 income ? Thanks in advance!

[@xfahimi]

As a beginner trader, can I set up an LLC and ramp up my trading activity from there? I am primarily concerned about the wash sale.

[@tmayweather9631]

Thank you so much for this valued information. I made the mistake of trying my luck with a funded trading company, they do charge a fee to I guess try out. If you pass the challenge you receive a refund, if not you lose your trading account and fee paid. Well I failed the challenge and lost my entry fee on 2 accounts, before I finally passed my third attempt. Can I claim the fees paid to Ftmo (funded trading company) on my taxes as a deductible filing with my LLC? Does that qualify as the “bad debt” expense you mentioned? Thank you

[@dansicairos]

What about those of us who use a prop firm who pay us in crypto which we then sell our crypto for fiat using Coinbase then send that fiat to our bank account? How is that taxed here in the US?

[@spok209]

Look at Ultimo Offshore bank account. They send you a debit card through DHL. Deposit your crypto there

[@janalgos]

Can crypto traders be eligible for using 475f (assuming they only trade crypto and nothing else)?

[@robertwheeler9751]

Hi Brian, I am trading under a prop firm. I have my business name on the form but under my name , all my deposits will be going into my llc will ai get taxed twice?

[@banana2552]

If I have over 720 trades this year, have over 25k currently in my account and have traded at least 75% of open trading days. I can file trader status? Even if I’ve lost around 10k? Thanks for the videos. I started day trading about a year ago and am wondering if I should not trade at all in December and January to avoid wash sale rule.

[@bartwhite6372]

How do I get hold of your firm to help me?

[@stevozz2]

Brian! I have been a 475 MTM trader for 5 years and this is the first year I will have losses. As a 475 MTM trader can you carry forward those ordinary losses ? Example, My trading losses this year will be $50k and I am not employed this year and have zero income. I expect to go back to work next year and have income taxes of approx $30k so is there a way to carry forward those taxes losses to offset my expected income taxes for next year?. What form would I use if thats possible... thanks I love your videos!

[@BrianRiveraCPA]

Yes your NOL will be carried forward in which 80% can be applied to any type of income.

[@stevozz2]

@@BrianRiveraCPA thank you for the reply... !

[@allitm4642]

Do you file taxes for Binary Options Traders as well? More commonly known as "Forex on Steroids". Great advice Brian 🙏

[@shrimpygeorge]

Hi Brian, when you began trading were you a day trader or swing trader?

[@BrianRiveraCPA]

Swing trader (due to Pdt)

[@felixcrespo4159]

To clarify I only trade in crypto, does the same rule applies for active trader of 720, since last year I traded 600 trades am I then qualify as an investor?

[@BrianRiveraCPA]

Same rules apply for crypto… each execution = 1 trade

[@Val_Cosmos]

@@BrianRiveraCPA As far as I know a wash sale rule does not apply to crypto and futures. Is that correct?

[@Red-xp7gv]

Is Webull a good broker that makes taxes simple?

[@BrianRiveraCPA]

Decent reporting

[@markwalstead4253]

Are you still providing tax compliance and entity services? I, along with my friend have tried reaching you via your website email and it's been weeks with no response.

[@BrianRiveraCPA]

Yep just hit the calendar link to schedule a service appointment.

[@rouny-s8b]

🙏🙏🙏🙏👍🏻👍🏻👍🏻

[@keno6391]

YOU FORGOT ONE TRADER TYPE... #FINTWIT PAPER TRADERS 🤣🤣🤣🤣🤣🤣🤣

[@BrianRiveraCPA]

😭😭😭