Say a trader received a K1 from a prop firm for 50k.
This trader found $6,000 worth of write offs.
The standard deduction this year say is $5700.
So, what is my tax liability?
50,000
- 6000
- 5700
___________
38,700
or because the write off was taken, you CANNOT take the standard deduction so your tax liability would be...
50,000
-6000
____________
44,000
This trader found $6,000 worth of write offs.
The standard deduction this year say is $5700.
So, what is my tax liability?
50,000
- 6000
- 5700
___________
38,700
or because the write off was taken, you CANNOT take the standard deduction so your tax liability would be...
50,000
-6000
____________
44,000