How to register as professional trader with the IRS?

T

TimeCorrosion

Many of us have a main profession (like teacher, doctor, lawyer, engineer) and we do trading on the side. But I spend as much time doing market research and trading as my main profession, I want to register as a professional trader, and I want my losses to be completely deducted from my profits (rather than just $3000 per year) for tax purposes.

What do I need to do and what forms or applications do I need to fill out?
 
I suggest you consult your tax advisor or go to this website and read their free content. https://greentradertax.com/ To better be able to control taxes, you might need an INC or LLC.

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TimeCorrosion said:
Many of us have a main profession (like teacher, doctor, lawyer, engineer) and we do trading on the side. But I spend as much time doing market research and trading as my main profession, I want to register as a professional trader, and I want my losses to be completely deducted from my profits (rather than just $3000 per year) for tax purposes.

What do I need to do and what forms or applications do I need to fill out?
More...

All your losses are deducted from your profits. You can deduct up to an extra 3k against other income.
 
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TimeCorrosion said:
Many of us have a main profession (like teacher, doctor, lawyer, engineer) and we do trading on the side. But I spend as much time doing market research and trading as my main profession, I want to register as a professional trader, and I want my losses to be completely deducted from my profits (rather than just $3000 per year) for tax purposes.

What do I need to do and what forms or applications do I need to fill out?
More...
%%
START with a trading notebook mine =college rule 120 sheets/240pages.
THAT way \IRS audit, schedule C or no IRS audit; helps you anyway:caution::caution:
 
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