If I’m the daytrader as well as I traffic with alternative people money. Let’s contend I assistance them traffic with $5000 as well as by year finish they have $50,000. I will keep 20% of increase meaing 20% of $45k. That will give me $9k. Will this be taxed as commercial operation benefit or short-term collateral gain?
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{ 5 comments… read them below or add one }
They will be responsible for short-term capital gains tax on any gains you made them.
If you take 20% of their gains as a “fee” your business entity will pay regular taxes on that as income.
I think.
Be careful. I’m not sure what you are suggesting is even legal without the appropriate licenses…
Depends on how your structured, (individual, entity etc)
and what agreement you have with these people
Most importantly how the account in which you are trading is maintained on the books of the broker/dealer
You’d better get some expert accounting advice on this one since you could be border on something illegal
If you aren’t licensed as a broker, you could be in big trouble legally, and could also be sued if you lost money for these people.
It is alright to trade with other people’s money but maximum is 10 accounts. more than that it will be illegal.
Regarding taxes, if you are getting commissions from the account trade profits, you have to pay taxes.
If it is your own trading account withdrawals, there is no taxes.
My advice to you is let them pay u cash.
Since you are doing this, and I am assuming you are a licensed representative cause you would be in a hurt locker with the SEC of you weren’t, this would be considered income and would be taxed accordingly. BUT you would be listing this income under a 1099 form, like all self-employed persons. This means you would need to take out your own taxes as well as your own Social Security (time two, since you won’t receive an employer match) and Medicare…plus state taxes.
The good news, you can itemize a crap load!