Hey Ross et al.... Any experience with the CPro platform on CMEG? I see they're running a promo for no commissions and fees through the end of January 2025
can you have an M2M filing even if you dont have an LLC. Like just a regular person trading daily trying to make a living along with another full-time job?
Hi Ross, always thank you for your videos! Regarding living in PR as a resident, how to report tax if you earn incoms via day trade out of PR while you travel, etc? can I claim 100% tax free as far as if you are qualified as a PR resident? Please let me know. Thank you!
I have LLC with state of Oregon -- when i set up trading account with Etrade broker should I check C or S corporation, or as a Sole Proprietorship - SMLLC Tks Jake
I’m 65 years old. I can’t contribute to Roth or any retirement accounts. I’m not sure what I can do. If trading is considered income they will reduce my social security income.
Whoow hpld up, "a profit from w2? I thought it was a 1099 because it was a contract and I was not employed. This is interesting because I have never made a profit off a w2.
Thank you Ross. This is really important info other trading channels don't teach. As a wannabe day trader I value your contribution to my trading journey. Happy new year
You really don't have to worry about wash sales until the end of the year. If you have unrealized losses on a stock in December or even maybe late November. Don't trade it for 30 days . You really don't have to switch to day trader status. Plus with day trader status I think I'm correct in saying no matter if your up or down in a trade at the end of the year. Your required to close out the trade which would suck of you have a huge unrealized gain that you want to carry to the next year and not close out
Are there any videos on how to setup webull for day trading. Think or swim. Toms of videos on how to modify the plaform for quicker response in trading.
Yes go to warrior trading Ross Cameron channel and search TDAmeritrade. It's maybe the second or third video. He includes a load up for how he runs the windows.
Not sure if you mentioned this, but in order to contribute to a Roth IRA you need earned income, so if someone only has income from capital gains from day trading how exactly are they to make a Roth IRA contribution?
One of the things I like is creating a corporation or LLC and paying yourself wages so you have earned income. I talk about that strategy in the later sections of this episode.
I am holding XAI515K as well in the UK here we have a thing called capital gains tax free whereby if you purchase XAI515K then you obviously don’t have to pay Tax.
In order to quickly fund a Roth IRA trading account you can open up an SEP IRA and then convert that into a roth. I believe the maximum yearly contribution of the SEP is around 70k..
Thank you Ross for these videos, Ross do you think it’s worth it to have a daily goal sometimes I feel like it makes me take extra risk to hit that goal if I’m a little off? hope everyone is having good weekend
On another note - I had done that MTM thing years ago. But then there were years in between when I stopped trading. Do I need to redo the MTM designation?
Ross! Loved this video. I was just asking about wash sales in the warrior trading lounge yesterday. Thank you for covering that and everything else. Would you suggest beginners start as a business immediately?
I know it’s towing the line but in an IRA if I were to fall under the non PDT guidelines and only traded with marked settled cash I shouldn’t get flagged correct? I understand a brokerage doesn’t have to 100% adhere to the FINRA rules and can flag under the 4 trades per 5 day session, but generally speaking have you heard of people being flagged as a PTD while only using settled cash while remaining under the 4 trades in 5 days.
Love this video!! The title should be changed to "Watch this video first before you start day trading!" A couple of other things I found out about Roth IRAs: -You can withdrawal penalty free after 59 1/2 years old. So you're thinking hey I'm 60 so I can just start trading in a Roth IRA and take as much as I want out right away... WRONG. There is an additional requirement that the account has to be 5 years old before you can withdrawal without penalty! If you set it up for 2024 before tax day you can trim 1 year off of this. - One cool thing is that you CAN withdrawal any of the contributions you made to the Roth IRA penalty and tax free. So say you fund 14K in your Roth IRA. You start trading out of it and make some money. Well you can pull that 14K that you funded the account with back out of the account penalty and tax free! -Roth IRAs have income limits. If your income is too high, you can't contribute funds to one. -IMPORTANT: Check with your accountant before taking tax advice of someone commenting on a youtube video!😁
You can have an unlimited number of Roth accounts, but you cannot exceed the annual contribution limit between all of them. For example, you can have 1 Roth and contribute the maximum allowable per year, or, you can have 5 Roth accounts as long as the aggregate contributions don’t exceed the annual contribution limit. In 2024, the maximum contribution limit is $7k plus $1k if you are over age 50.
this is an effective strategy 😂 BUT if you want to write off more than $3,000 in losses against other income you’ll still need mark to market accounting!
Does this video benefits also international traders from other parts of the world or only US citizens? I want to decide weather I watch it or not as an european.
Good "prompt you" clip, I'll need to look into some Aus loops. We have Super but there a max pa limit. A specialised accountant is something to definitely look into though
I think there is a lot more steps you have to do in order for act 60 in Puerto Rico. Have to buy property, have to donate a certain amount to charity every year etc
You essentially begin deducting reasonable expenses and use section 429 trader tax status as the reason. It’s not an additional filing as far as I’m aware of.
I think I goofed. Twice. I set up my trad ira back in june. Put in $7000. Then I saw that I could only trade PDT. So I took it all back out (I'm 63). Am I correct in thinking I will have to pay taxes on that withdrawal? I am down by about $3500 for the year.
Ross, you are wonderful but a quick suggestion, the messy backdrop is distracting(too much going on). If you can simplify it, it my benefit your viewers.
Hey Ross! This is such good advice for any US Residents, hope they take advantage of the information. I unfortunately am not a US resident but want to be as tax efficient as possible, so can you think of any form of job professional I could speak to that could be as insightful as you have been? Thanks!
With my $2M portfolio on the line, should I double down on XAI515K or play it safe as we near December 2024? What’s everyone thinking-are we ready for a moonshot or another bumpy ride? lets go XAI515K!!!
I read an article on the Puerto Rico living. Apparently (don't quote me on this, do your own due diligence), you have to live in Puerto Rico for at least 1 year before you can apply for the capital gains elimination. In addition there was like an initial (I'm not certain on this amount) $15,000 or $25,000 application fee. Also, you would have to pay a yearly $5,000 permit fee to maintain capital gains elimination status. The article also went on to caution possible movers (those wanting to relocate there) that there is no guarantee that the capital gains tax elimination will last indefinitely. It can be taken away with the stroke of a pen if the Governor decides to eliminate it. The whole point of the story was to caution anyone who thought moving to Puerto Rico would be something easy and permanent.
How do you do a Roth IRA if you're unemployed because being a professional trader does not qualify because it's not earned income. Those monies are not considered earned income. Please explain. Thanks
@DaytradeWarrior thank you Ross I e more question- how do you mitigate all of this when you have brokerage accounts with positions that you hold long that you do not want to let go of?
It's great to have a president that makes a living with his own money rather than a lifelong corruptocrat pilfering the stolen money out of our pockets.
Depends on your finances . 1000$ in XAI515K is 4000 XAI515K if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.
Great info, however on your self directed IRA you should be able to give yourself a loan so your not taxed and you can use the money without penalty. You can also extend those loan terms to death. 😂
So what do you do for your spending money? Just take it out of the retirement account?
So if you are trading in a Roth IRA account how are you living?
The idea would be to trade in both a Roth and an after-tax account.
Has a Canadian resident, entering the Trading world while operating a US based LLC in Wyoming, this video is pure GOLD! Thanks a bunch Ross!!
How do you go about finding a qualified CPA that is an expert in taxation in daytrading?
can you write off your monitors every year or just once at the beginning of purchase of equipment?
Just once
Is the Roth ira account the same as superannuation account in Australia.
All of these complexities have made puerto rico look INSANELY attractive
Hey Ross et al.... Any experience with the CPro platform on CMEG? I see they're running a promo for no commissions and fees through the end of January 2025
I'm new to trading and I have a question. Can a series of red candlesticks ascend, and can a series of green candlesticks descend?
Can’t you open an LLC in a state in the US that doesn’t tax capital gains?
can you have an M2M filing even if you dont have an LLC. Like just a regular person trading daily trying to make a living along with another full-time job?
Yes you can, and many people do. The only thing you really miss is the 401k contributions and writing off health insurance premiums.
Great content. Would you share your CPA accounting firm contact info pls? And around how much they charge for a business trading account?
Thank you
Hi Ross, always thank you for your videos! Regarding living in PR as a resident, how to report tax if you earn incoms via day trade out of PR while you travel, etc? can I claim 100% tax free as far as if you are qualified as a PR resident? Please let me know. Thank you!
I have LLC with state of Oregon -- when i set up trading account with Etrade broker should I check C or S corporation, or as a Sole Proprietorship - SMLLC Tks Jake
P.S. Iam single member of LLC
@@akerjeb it depends on how you take your dispersments if you pay yourself a lot then SP isn't great.
You are so helpful and I love your channel!
Your thumbnails and content strat has improved dramatically this year. Way to go, on the self-improvement in your trading and other aspects!
The exchange rate in the DEX is lagging hard
It almost sends 9 times more, I put out vldeo
I’m 65 years old. I can’t contribute to Roth or any retirement accounts. I’m not sure what I can do. If trading is considered income they will reduce my social security income.
Whoow hpld up, "a profit from w2? I thought it was a 1099 because it was a contract and I was not employed. This is interesting because I have never made a profit off a w2.
"Its like a condo..."
4,000 sqft, beachfront, in a tax haven...
😂
In your opinion, XAI515K for $10? 1 year or so?
Thank you Ross. This is really important info other trading channels don't teach. As a wannabe day trader I value your contribution to my trading journey. Happy new year
So a Puerto Rican can’t benefit from the act 60 benefits?
You really don't have to worry about wash sales until the end of the year. If you have unrealized losses on a stock in December or even maybe late November. Don't trade it for 30 days . You really don't have to switch to day trader status. Plus with day trader status I think I'm correct in saying no matter if your up or down in a trade at the end of the year. Your required to close out the trade which would suck of you have a huge unrealized gain that you want to carry to the next year and not close out
You are a goat!
XAI515K $6-12 in 2025.
Where do you buy XAI515K?
Great info Ross, thank you
This is wonderful content. ❤from 🇳🇬
Buenos días Señor ross🤠
Are there any videos on how to setup webull for day trading. Think or swim. Toms of videos on how to modify the plaform for quicker response in trading.
Yes go to warrior trading Ross Cameron channel and search TDAmeritrade. It's maybe the second or third video. He includes a load up for how he runs the windows.
Not sure if you mentioned this, but in order to contribute to a Roth IRA you need earned income, so if someone only has income from capital gains from day trading how exactly are they to make a Roth IRA contribution?
One of the things I like is creating a corporation or LLC and paying yourself wages so you have earned income. I talk about that strategy in the later sections of this episode.
well if anyone wants to invest in my rv park to save on their taxes I'm open to equity positions. they make great returns
Am early,big fan from Nigeria 🇳🇬
For XAI515K, Be greedy when others are fearful - Warren Buffet
I lost 100k getting a girlfriend
And she cheated so its worthless
Don't ever give money to anyone
Granny is putting XAI515K in her portfolio.
Ross , can you put this in a downloadable pdf ?
Hi ross, could you give any examples of good EU brokers. Love your work, watching you daily.
Hey! EU traders tend to use offshore brokers like Ocean one or Trade zero!
Really important video to watch if you want to be a Trader!!
I am holding XAI515K as well in the UK here we have a thing called capital gains tax free whereby if you purchase XAI515K then you obviously don’t have to pay Tax.
Where to buy XAI515K pls
Im pretty sure I heard Trump said buy all the XAI515K you can possibly buy
Do it. XAI515K already in my bags. I had a XAI515K after ( your should I buy ) and I agreed and bought. I'm looking to stack more, too.
Do these strategies still apply to trading futures?
I just opened my ROTH IRA with Schwab.
It's a limited margin account. I have to follow the 25k PDT rule, so it will be a true small account challenge.
XAI515K will be a leader this bull run
In order to quickly fund a Roth IRA trading account you can open up an SEP IRA and then convert that into a roth. I believe the maximum yearly contribution of the SEP is around 70k..
Thank you Ross for these videos, Ross do you think it’s worth it to have a daily goal sometimes I feel like it makes me take extra risk to hit that goal if I’m a little off? hope everyone is having good weekend
I buy your book yesterday and I already read for an hour and loving it sir thank you for all the knowledge and discipline 🙏
Glad you enjoy it!
On another note - I had done that MTM thing years ago. But then there were years in between when I stopped trading. Do I need to redo the MTM designation?
Can this video help me if i trade from another country or is it only for US residents? i am from Mexico
This is primarily for US residents
@DaytradeWarrior thank you, i am not missing any video from you, hope to be part of your crew someday😁very humble person
The information you give away for free is much appreciated
Ross! Loved this video. I was just asking about wash sales in the warrior trading lounge yesterday. Thank you for covering that and everything else. Would you suggest beginners start as a business immediately?
I see a lot of benefits especially if you have other income and you want to offset it using your startup costs for trading
How different is this for Canada?
Buenos días Señor ross cameron
Thanks @Ross! Do you have a cpa firm that you’d recommend?
Great video. We really need videos like this. Thanks ross
I know it’s towing the line but in an IRA if I were to fall under the non PDT guidelines and only traded with marked settled cash I shouldn’t get flagged correct? I understand a brokerage doesn’t have to 100% adhere to the FINRA rules and can flag under the 4 trades per 5 day session, but generally speaking have you heard of people being flagged as a PTD while only using settled cash while remaining under the 4 trades in 5 days.
Love this video!! The title should be changed to "Watch this video first before you start day trading!"
A couple of other things I found out about Roth IRAs:
-You can withdrawal penalty free after 59 1/2 years old. So you're thinking hey I'm 60 so I can just start trading in a Roth IRA and take as much as I want out right away... WRONG. There is an additional requirement that the account has to be 5 years old before you can withdrawal without penalty! If you set it up for 2024 before tax day you can trim 1 year off of this.
- One cool thing is that you CAN withdrawal any of the contributions you made to the Roth IRA penalty and tax free. So say you fund 14K in your Roth IRA. You start trading out of it and make some money. Well you can pull that 14K that you funded the account with back out of the account penalty and tax free!
-Roth IRAs have income limits. If your income is too high, you can't contribute funds to one.
-IMPORTANT: Check with your accountant before taking tax advice of someone commenting on a youtube video!😁
Can you trade futures in a traditional IRA?
Ross, can you have more than one Roth IRA if you already have one and contributing max to your work IRA?
You can have an unlimited number of Roth accounts, but you cannot exceed the annual contribution limit between all of them. For example, you can have 1 Roth and contribute the maximum allowable per year, or, you can have 5 Roth accounts as long as the aggregate contributions don’t exceed the annual contribution limit. In 2024, the maximum contribution limit is $7k plus $1k if you are over age 50.
Hi Ross! I guess all these recommendations apply only to US residents, is that right? Is there anything non-us residents can do to save taxes? Thx
XAI515K is going to $589
My losing strategy each week avoids me the tax
😂😂
😂😂
Touche 🫡
😂😂😂
this is an effective strategy 😂 BUT if you want to write off more than $3,000 in losses against other income you’ll still need mark to market accounting!
How much profit or loss is considered substantial enough to file as a trader and get mark to mark designation?
I do not believe it has a minimum
XAI515K all the wayyyy. For all of you that said its a ghost chain. You are wrong haha.
Does this video benefits also international traders from other parts of the world or only US citizens? I want to decide weather I watch it or not as an european.
Almost every country in Europe has different tax rules for trading. US has it great compared to EU😢
This is for US only
Good "prompt you" clip, I'll need to look into some Aus loops. We have Super but there a max pa limit.
A specialised accountant is something to definitely look into though
Always interesting analysis. But I am DCAing into my XAI515K alts anyway
The least people can do is like and share these videos full of priceless information
Thank you!
I think there is a lot more steps you have to do in order for act 60 in Puerto Rico. Have to buy property, have to donate a certain amount to charity every year etc
@ross section 429- do you have to do it every year or you just apply once and it’s good to go
You essentially begin deducting reasonable expenses and use section 429 trader tax status as the reason. It’s not an additional filing as far as I’m aware of.
Do you have to be profitable to use this?
Thank you so much ross. Such valuable information. You are giving me real hope of one day quiting my restaurant job😊
You got this!
❤
44:42 aka professional status : all external softwares & fees expenses will get an extremely high raise, unfortunately
XAI515K$ and AERO will be huge.
You can pull from your Roth IRA with no penalties if you use it for a first time home purchase.
You’re right but the limit is $10,000
@DaytradeWarrior omg hi
I think I goofed. Twice. I set up my trad ira back in june. Put in $7000. Then I saw that I could only trade PDT. So I took it all back out (I'm 63). Am I correct in thinking I will have to pay taxes on that withdrawal? I am down by about $3500 for the year.
Hmm that’s a good question. I’m not sure. Since it’s a traditional IRA you might.
Though I think you can withdraw initial contributions at any time tax free, so maybe you’re okay.
@@DaytradeWarrior OK thanks. I hope so. Guess I'll find out in the next month or so.
What if you are already over 60 years old are you penalized to withdraw
No, if you’re older than 59-1/2 there is no penalty for withdrawing profits
Trding in prop firm can save tax? Some of them doesn't provie tax paper, it's up to the trader to declare.
I’m not sure about that. It depends. Some prop firms pay you a W2, so the taxes would actually be higher.
I put 100k on XAI515K, thoughts?
I love how you broke down the XAI515K project in your video! Can’t wait to see it skyrocket!
Ross, you are wonderful but a quick suggestion, the messy backdrop is distracting(too much going on). If you can simplify it, it my benefit your viewers.
Hey Ross! This is such good advice for any US Residents, hope they take advantage of the information.
I unfortunately am not a US resident but want to be as tax efficient as possible, so can you think of any form of job professional I could speak to that could be as insightful as you have been?
Thanks!
With my $2M portfolio on the line, should I double down on XAI515K or play it safe as we near December 2024? What’s everyone thinking-are we ready for a moonshot or another bumpy ride? lets go XAI515K!!!
If you have a LLC you can avoid a lot of negatives as well.
I read an article on the Puerto Rico living. Apparently (don't quote me on this, do your own due diligence), you have to live in Puerto Rico for at least 1 year before you can apply for the capital gains elimination. In addition there was like an initial (I'm not certain on this amount) $15,000 or $25,000 application fee. Also, you would have to pay a yearly $5,000 permit fee to maintain capital gains elimination status. The article also went on to caution possible movers (those wanting to relocate there) that there is no guarantee that the capital gains tax elimination will last indefinitely. It can be taken away with the stroke of a pen if the Governor decides to eliminate it. The whole point of the story was to caution anyone who thought moving to Puerto Rico would be something easy and permanent.
What is price prediction of XAI515K
How do you do a Roth IRA if you're unemployed because being a professional trader does not qualify because it's not earned income. Those monies are not considered earned income. Please explain. Thanks
You need to setup a Corporation and pay yourself wages. Essentially make your trading a legitimate small business.
@DaytradeWarrior thank you Ross I e more question- how do you mitigate all of this when you have brokerage accounts with positions that you hold long that you do not want to let go of?
So that's all there is to it. Ya ok. Ross you crack me up you make it sound so eazy.
❤ brother
The correlation between XAI515K & XRP blows my mind. Imagine when XAI515K fires up. cant stop wont stop
Very beneficial video. Thanks for investing in your subscribers. It’s obvious you love teaching others.
I appreciate that!
Thank you Ross for such a great explanation on how the president of USA uses its own tax policy to carry forward loss and not pay any taxes.
It's great to have a president that makes a living with his own money rather than a lifelong corruptocrat pilfering the stolen money out of our pockets.
Depends on your finances . 1000$ in XAI515K is 4000 XAI515K if it goes to 50% of ath in 2024 thats a 600% gain. If it goes equal to ath . Its a 1200% gain.
Trump, What a "Great Business man" HOW can you bankrupt a CASINO?
Excellent video. Thank you!
Great info, however on your self directed IRA you should be able to give yourself a loan so your not taxed and you can use the money without penalty. You can also extend those loan terms to death. 😂
Am I missing something or not, don't you of to pay taxes on those money at some point in time
You’re missing something.
Just recently joining in on the fun with the XAI515K gang. Been liking the content, good job ☕️