Hello everyone,
Is any trader here living in Nevada USA? Do you have to pay tax after trading profits?
Herringtrader
Is any trader here living in Nevada USA? Do you have to pay tax after trading profits?
Herringtrader
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DislikedHello everyone,
Is any trader here living in Nevada USA? Do you have to pay tax after trading profits?
HerringtraderIgnored
QuoteDislikedIs any trader here living in Nevada USA? Do you have to pay tax after trading profits?
DislikedNah, just fill out your taxes and use the 1256 method.
You may want to print up a piece of paper that says "On xx/yy/2009 I hereby elect to use section 1256. Signed, _________" or something like that for your records, and if you're doubly worried about it get it notarized, but that's about it.
The thing about the IRS, you basically send in your returns and they just trust you... unless they audit you, then they can go way back and look at your records. So make sure you keep your records, more or less, forever. So the only time it'd come...Ignored