🚀 Learn How To Slash $30K Off Your Taxes Without Being A “Tax Expert” Or Spending Money On An Expensive CPA! Free Strategy Session: www.thetaxonomics.com/strategy 🏦 BEST BROKER FOR ACTIVE DAY TRADING 🚀🌚💸 www.interactivebrokers.com/mkt/?src=brianriveray&url=%2Fen%2Findex.php%3Ff%3D1338 ⚡ TraderFyles: Generate your trader specific tax forms! (Coming Soon) ⚡ mailchi.mp/303044cd12e9/untitled-page ⭐Schedule a Trader Tax CPA Consultation! (Available May - Dec Only) calendly.com/tradertaxcpa/
Hey Brian, Great Video!! Question: If an order for 1000 shares gets filled slowly like this (200, 100, 50 , 300, 50, 100, 200) can I count this as 7 orders toward my 720 trades to help meet the BEHAVE test? Cheers!
Damm at first I was like...'this guy talks a lot", but the amount of information you give is so detailed and Im so thankful for your information. Earned a follow and a constant viewer. Thanks man.
Thanks for this. Tax topic 429. BEHAVE Business Expenses Customary to an Active Trader. Equipment used for trading. Extent at which you execute your trading, 720+ trades per year. Possess the intent to operate a business. Mark to market accounting.
What's better for taxes? Being qualified as a trader with BEHAVE as an individual "treating" it like a business? Or establishing an LLC with scorp election and trading under that ?
Very informative. I started trading since April 2020 with some downs but since September I've been doing so well. Planning to become an Active Trader Status soon and to be able get qualified for B.E.H.A.V.E Test. I'm no longer under that PDT rule. Next step that I need to do is to have that more 750 trades. Your content is very helpful and gave me an idea to apply for Day Trader Status. Thank you so much. New Subs here!!!!
Keep in mind that the number of trades does not in and of itself qualify you for trader status. You could have fewer trades or many more trades than 720 and still not qualify. It’s based on the entire facts and circumstances to your unique situation.
This is the 2nd video I'm watching from your channel, excellent. Futures traders don't have comply with Pattern Day Trader rule, trades are automatic mark to mark. Again, very well done.
Thank you! I started day trading in June 2020. I have a regular profession but would like to supplement my income and retirement with trading. Love the content and I am trying to do everything right...I have an S corporation and will try to qualify for trader status.
Thank you for clarifying this because according to the IRS document you read... "NOT...capital appreciation"... no FOREX trader or Stock trader qualifies. I assume they mean tangible assets, like Real Estate, not financial trades --- but... it's the government. So, enough said.
Bryan, thanks for the consultation today. It was awesome. I look forward to joining the portal. Also, I want to remind you to do a video soon on the account that produced over 70% interest. I'm sure the viewers will be anxious and to hear about this opportunity.
Brian Rivera, your acronym does not have a word for ‘A’, but a consideration for trader tax status is have an account over the PDT rule. Why not add ‘A’ for account in your acronym? Also, I love the clarity of your video on this subject. Thank you!
So i set up an LLC, open a business trading account, transfer funds from personal to Business and start trading there for the BEHAVE test and qualify for trader status?
Not quite. The way I understand it: If you form an LLC, you don't need to bother trying for the BEHAVE qualification. Because you won't be taxed individually anymore - you will be taxed through your business as a corporation.
@@edwardcamarena5759 I would think so. It will trigger a couple of forms you'll have to give the IRS at tax time... but I see no reason why you'd be unable to do that so long as you are listed with the brokerage as a Principal of the LLC
I subscribed an hour ago on a different video about saving 20k through utilization of an LLC. YOU HAVE OUTSTANDING information. I will be saving every video to a daytrade folder here. I hope to find more recent videos and ask a few questions from time to time. Thank you for explain the dynamics. P.S. my brother, who is my business partner, is also in active reserves as a CW3 Chinook pilot. I served in the infantry '03-'07 and left as E-5. Thank you for continuing the legacy sir. You are a true renaissance man.
Definition states that IRS requires trading in a security. What about crypto that is not a security but currency. So to would be forex. So as I see it crypto should qualify. Also crypto is open 24 hours a day. 4 hours is not a problem. So if I employ a trading bot that executes over 20 trades a day I would get to 720. So long as IRS does not focus on dollar amount since most of my value crypto will be held long term. 180 day test is easy with bot and crypto market open 24 hours a day.
Wow nice! You are super smart!! i am qualified for trader status and I saw your video to elect the mark to market with the IRS. What is the form used to send with this election?
Thanks for the information it’s really helpful. Any chance you can explain your setup as a day trader to include your charts you have running? Thank you
I have 3 monitors - sides are asus 28” middle is dell 43”. I use think or swim charts typically cycle between 5/15/daily charts. Executions many different brokers
Great info Brian. I qualify for trader status and am looking to utilize mark to market accounting for future tax years, however I am sitting on sizable gains in a separate account that my FA manages. My question is; if I were to elect mark to market, would the accounts managed by my FA be subjected to m2m as well?
I will be booking with you in the future. I finally went over the 25K and looking to turn my trading into a business. I'm in Kissimmee< FL. Thank you for the information.
SO IS THE USE OF INVESTORS BUSINESS DAIL software considered Automated Training Software.They send out alerts telling when a stock should be purchased and or sold?
ok, I like the video, and thanks. I did options sales for $852,407.12, for 2020, this will be my first doing options spreads and options buy for income, my understanding is I must file before or by March 15, 2021. I usually file my income taxes using TurboTax, software. So what do I do and How to do it and your fee. and to contact you?
Hello, I have had a little success trading stocks on robinhood and was recently restricted from daytrading. I am confused because my account is over $25k. I have been doing this for a year so I have alot to learn. Thanks
How do I give the status of trading to the LLC so the IRS see my status ? I know I have 75 days but what or what do I need to do to give let the IRS to give me the status of trading?
many thanks. It appears that I very clearly passed BEHAVE test for 2022 and even 2023 so far. But I did not do anything on mark to market. Can I still file my 2022 as trader tax status so that I can avoid wash sale? I have significant losses in 2022 but recovered 40% of it in 2023 so far.
Hello Brian, Great info you pouring out on your videos. I’m interested in getting more details about your services hopefully will be added as a client.
Great video! What language from the IRS site or legal precedent lead your team to conclude 720 trades? Does the accounting start after IRS approves our day trader status or is it retroactively applied?
Great Information Brian. Quick question. Is it best to work on ticking all the boxes to maximize chances of qualifying for day trader status before you start an LLC, or is their value in forming the LLC upfront? The only thing I am short of is the number of days I trace a year.
Thanks for the great video. One quick question. When you mentioned 720 as the minimum trade volume... is it correct to say that this number is for a whole year?
@@BrianRiveraCPA great video..I was wondering the same thing about the 720+ trades you mentioned. I thought you were saying the IRS wants to see 720 trades a day 😂
I'm curious to know how strict the volume of trades needs to be? As this is my first year really going after it, time, energy, investment in education, tools, etc., is 750 trades/transactions reasonable?
Excellent videos !! Do you know anyone in the Philadelphia area that does what you do, I'm a full time trader ,started beginning of the year and have done pretty well so need a real expert like yourself
Brian, excellent video explanation good brother! I've recently started doing 4+ trades a day M-F, spend hours analyzing and have related expenses. I collectively have over $25k throughout a few different trading platforms. Do you think that would be an issue? Will I have to consolidate my funds?
Hey Great video... One question I'm not confused about though. Is Trading Forex for oneself a business that I can open a LLC for? Or must I offer services or products related to it for it qualify? Thanks
Very informative! I currently have an LLC for my e-commerce business, but also day trade on the side. Can I sign up for a brokerage account under my current e-commerce LLC or would you recommend creating a separate LLc specifically for day trade?
Any advice on the right entity to use? My CPA advised going sole proprietor route and now he's retiring....I'm a W2 employee but qualify for trader status
Great video, appreciate you're work and your commitment to our country. I have one question if you dont mind. If im using, lets say Turbo tax deluxe, is there a form on there to fill out for Trader tax status?
Okay this is great and all but what about those of us who want to have a trading business but don't want to be day traders? Can we still set up a business and take advantage of these tax breaks? Say someone has a large trading portfolio and because of the size of the trades they take they only make a couple dozen trades a year. They enter large positions based on the indicators they use and they sell half on a double. However because of the size of the trade they're taking they don't have to have very many winning trades in order to gain a large profit. That individual won't qualify for active trader status but he still runs it like a business. Thoughts?
is it correct that as a individual if you get the trader status you don't pay the self employment tax(social security..and medicare 15.3%) being the only source of income?
How do you think this whole 87k IRS hiring boost is going to work with Day trade status, LLC, S corp situations? Getting back into the industry. I just think it's going to be crazy. The IRS is already moving folks from examination to audits so we'll see. Congrats on your business and for hanging in there in the military.
🚀 Learn How To Slash $30K Off Your Taxes Without Being A “Tax Expert” Or Spending Money On An Expensive CPA!
Free Strategy Session: www.thetaxonomics.com/strategy
🏦 BEST BROKER FOR ACTIVE DAY TRADING 🚀🌚💸
www.interactivebrokers.com/mkt/?src=brianriveray&url=%2Fen%2Findex.php%3Ff%3D1338
⚡ TraderFyles: Generate your trader specific tax forms! (Coming Soon) ⚡
mailchi.mp/303044cd12e9/untitled-page
⭐Schedule a Trader Tax CPA Consultation! (Available May - Dec Only)
calendly.com/tradertaxcpa/
Great information bro.
@@FreeTraderFREEMAN Thanks bro!
@@BrianRiveraCPA I'm willing to turn my trading into business. I have been gathering tons of information. I'm just few steps away.
Can you qualify for this while having a full time job as well?
Hey Brian, Great Video!! Question: If an order for 1000 shares gets filled slowly like this (200, 100, 50 , 300, 50, 100, 200) can I count this as 7 orders toward my 720 trades to help meet the BEHAVE test? Cheers!
Damm at first I was like...'this guy talks a lot", but the amount of information you give is so detailed and Im so thankful for your information. Earned a follow and a constant viewer. Thanks man.
Thanks for this. Tax topic 429. BEHAVE Business Expenses Customary to an Active Trader. Equipment used for trading. Extent at which you execute your trading, 720+ trades per year. Possess the intent to operate a business. Mark to market accounting.
You solved a loooooot of problems with that "scale in scale out" tip!!!! I wish i heard that years ago
it makes sense lol. its hard getn that new perspective sometimes and one phrase is all it takes.
What's better for taxes?
Being qualified as a trader with BEHAVE as an individual "treating" it like a business? Or establishing an LLC with scorp election and trading under that ?
LLC, more write offs and shelters your business from personal financial issues.
@@1Phonetip Hi, are you currently under LLC as a day trader?
Am I the only one who missed the "A" in B.E.H.A.V.E???
let me know... awesome video
Average holding period not to exceed 31 days!
Very informative. I started trading since April 2020 with some downs but since September I've been doing so well. Planning to become an Active Trader Status soon and to be able get qualified for B.E.H.A.V.E Test.
I'm no longer under that PDT rule. Next step that I need to do is to have that more 750 trades. Your content is very helpful and gave me an idea to apply for Day Trader Status. Thank you so much. New Subs here!!!!
Keep in mind that the number of trades does not in and of itself qualify you for trader status. You could have fewer trades or many more trades than 720 and still not qualify. It’s based on the entire facts and circumstances to your unique situation.
Thank you for your service, sir!
This is the 2nd video I'm watching from your channel, excellent. Futures traders don't have comply with Pattern Day Trader rule, trades are automatic mark to mark. Again, very well done.
Thank you! I started day trading in June 2020. I have a regular profession but would like to supplement my income and retirement with trading. Love the content and I am trying to do everything right...I have an S corporation and will try to qualify for trader status.
Pure legit gold. Thank you for the info! Your computer screen looks intense lol
Thank you for clarifying this because according to the IRS document you read... "NOT...capital appreciation"... no FOREX trader or Stock trader qualifies. I assume they mean tangible assets, like Real Estate, not financial trades --- but... it's the government. So, enough said.
Bryan, thanks for the consultation today. It was awesome. I look forward to joining the portal. Also, I want to remind you to do a video soon on the account that produced over 70% interest. I'm sure the viewers will be anxious and to hear about this opportunity.
Brian Rivera, your acronym does not have a word for ‘A’, but a consideration for trader tax status is have an account over the PDT rule. Why not add ‘A’ for account in your acronym? Also, I love the clarity of your video on this subject. Thank you!
A = average holding period not to exceed 31 days.
Thank you for simplifying this extremely complex topic👌🏾👍🏾
This is the info I’ve been looking for, thank you so much!!!! Just subscribed and I hope to use you for my taxes next year!
So i set up an LLC, open a business trading account, transfer funds from personal to Business and start trading there for the BEHAVE test and qualify for trader status?
Not quite. The way I understand it: If you form an LLC, you don't need to bother trying for the BEHAVE qualification. Because you won't be taxed individually anymore - you will be taxed through your business as a corporation.
@@HockeyJock do you know if you have an existing trading account, are you able to transfer those funds into a new LLC trading account?
@@edwardcamarena5759 I would think so. It will trigger a couple of forms you'll have to give the IRS at tax time... but I see no reason why you'd be unable to do that so long as you are listed with the brokerage as a Principal of the LLC
I subscribed an hour ago on a different video about saving 20k through utilization of an LLC.
YOU HAVE OUTSTANDING information. I will be saving every video to a daytrade folder here.
I hope to find more recent videos and ask a few questions from time to time.
Thank you for explain the dynamics.
P.S. my brother, who is my business partner, is also in active reserves as a CW3 Chinook pilot. I served in the infantry '03-'07 and left as E-5. Thank you for continuing the legacy sir.
You are a true renaissance man.
Thanks for your service, Major Rivera.
Thank you for the video. AND THANK YOU for serving out country!
Definition states that IRS requires trading in a security. What about crypto that is not a security but currency. So to would be forex. So as I see it crypto should qualify. Also crypto is open 24 hours a day. 4 hours is not a problem. So if I employ a trading bot that executes over 20 trades a day I would get to 720. So long as IRS does not focus on dollar amount since most of my value crypto will be held long term. 180 day test is easy with bot and crypto market open 24 hours a day.
I’m very interested in this. I make about 7 trades a day. And I’ve paid a ton of education and computers etc this year
Does this apply for forex traders?
Yes!
Thank you for dumbing this topic down, Brian!...excellent job!
Wow nice! You are super smart!! i am qualified for trader status and I saw your video to elect the mark to market with the IRS. What is the form used to send with this election?
Thanks for the information it’s really helpful. Any chance you can explain your setup as a day trader to include your charts you have running? Thank you
I have 3 monitors - sides are asus 28” middle is dell 43”. I use think or swim charts typically cycle between 5/15/daily charts. Executions many different brokers
I like the screens! Where’d you get them?
Hey Brian, great info "BEHAVE" can't some just setup a sole proprietorship to get tax benefits instead of going with Trader Status?
Trader Status vs LLC ? benefits or cons?
Expenses: Ortex, Unusual Whales, monitors, books
Thanks for the info Brian!
Lol I can see TOS glitching in the back. Somethings never change.
What is TOS? Lol
Forreal lol but they do have some of the best charting
@@nzingaward Think or Swim
It’s IBKR
Great info Brian. I qualify for trader status and am looking to utilize mark to market accounting for future tax years, however I am sitting on sizable gains in a separate account that my FA manages.
My question is; if I were to elect mark to market, would the accounts managed by my FA be subjected to m2m as well?
I will be booking with you in the future. I finally went over the 25K and looking to turn my trading into a business. I'm in Kissimmee< FL. Thank you for the information.
Great video! Can you also write off a vehicle while on day trader status?
SO IS THE USE OF INVESTORS BUSINESS DAIL software considered Automated Training Software.They send out alerts telling when a stock should be purchased and or sold?
Thanks for this very helpful video.
Thanks so much for sharing your knowledge!
What is the "A" .. good stuff Major
Can you make an updated video of this but for futures traders perhaps ?
Do I need to create an LLC if I trade with prop firm?
Can you please advise if one trades mainly on the forex market? Is their a different status for forex?
ok, I like the video, and thanks. I did options sales for $852,407.12, for 2020, this will be my first doing options spreads and options buy for income, my understanding is I must file before or by March 15, 2021. I usually file my income taxes using TurboTax, software. So what do I do and How to do it and your fee. and to contact you?
Thanks for sharing this awesome content Brian. Keep it up.
What kind of Monitor setup is that?
Hello,
I have had a little success trading stocks on robinhood and was recently restricted from daytrading. I am confused because my account is over $25k. I have been doing this for a year so I have alot to learn.
Thanks
Appreciate all the info very helpful..but I'm not a daytrader I'm more like a long term options swing trader
A - was what again in the BEHAVE test. Thanks and all your vids are very informative
Average holding periods not to exceed 31 days
Very nice job at keeping it simple Sir - and thank you for your service.
Wow you’re super talented! Thank you for your service 🙏
Brian, great video. Question... If I'm swing trading and not day trading, does it still makes sense to setup an LLC?
Yes!
I don't think it's been asked yet, how are your hours recorded for H? Does your broker do that? How do I report that I've met the four hours a day?
Brian, This is a really good question. Can you answer please
What’s the cost for your service for trader status assistance? I meet the “BEHAVE” criteria.
Hey Brian are you familiar with INVEST FEST, held in Atlanta Ga, around august. If not, you could do very well in Atlanta.
Is this the same for Futures Day Trader?
Thank you for your service!
Very informative video!
What's the trading platform and charting software that's on your monitor?
Thanks, great video
How does BEHAVE stand for Business Expenses Customary To An Active Trader?
That’s not what was said 🤦🏻♂️ you’ve gotta be kidding
Does trading have to be your primary income in order to get Mark to Market status, i fit every other criteria but I make more at my night job...? Thx
awesome!!! you are in Olrando, Florida
How do I give the status of trading to the LLC so the IRS see my status ? I know I have 75 days but what or what do I need to do to give let the IRS to give me the status of trading?
Wow, one of the best informative explanations of Day Trader Status, thank you for your time content🙏🤙
Hi Brian- thank you for sharing, very helpful! Would you still pass the test if you receive a w2? Having a full time job and trading on the side?
hi, were you able to find the answer
inquiring about this too....@@aviverma5531
many thanks. It appears that I very clearly passed BEHAVE test for 2022 and even 2023 so far. But I did not do anything on mark to market. Can I still file my 2022 as trader tax status so that I can avoid wash sale? I have significant losses in 2022 but recovered 40% of it in 2023 so far.
thanks, needed this brotha
What about swing traders or position traders. ? Can they also be qualified as traders ?
Hello Brian, Great info you pouring out on your videos. I’m interested in getting more details about your services hopefully will be added as a client.
what about trading forex with an offshore broker? all of these videos seem to just talk about stock trading , is it the same deal with taxes?
What are some kinds of ways to record the hours spent in the market? Do you just keep a regular trading log?
Whst size monitor are you using ? What software are you to chart ?
2-30” and 1 43”.. I use think or swim for charts !
Awesome info!
Great video! What language from the IRS site or legal precedent lead your team to conclude 720 trades? Does the accounting start after IRS approves our day trader status or is it retroactively applied?
Lookup this case WILLIAM F. POPPE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, . Mark to market is not retroactive.
Thank you for your service, what is your MOS. My question I trade daily in Crypto, can I qualify as an active day trader?
25A!!! Yep you can trade crypto and qualify!
Great Information Brian. Quick question. Is it best to work on ticking all the boxes to maximize chances of qualifying for day trader status before you start an LLC, or is their value in forming the LLC upfront? The only thing I am short of is the number of days I trace a year.
Yo, I just found you and you're legit! Love the content, keep em coming!
Thanks for the great video. One quick question. When you mentioned 720 as the minimum trade volume... is it correct to say that this number is for a whole year?
Yes that is correct
@@BrianRiveraCPA great video..I was wondering the same thing about the 720+ trades you mentioned. I thought you were saying the IRS wants to see 720 trades a day 😂
I'm curious to know how strict the volume of trades needs to be? As this is my first year really going after it, time, energy, investment in education, tools, etc., is 750 trades/transactions reasonable?
Thanks, Brian, I only trade Forex how can I qualify for the active day trade?
Excellent videos !! Do you know anyone in the Philadelphia area that does what you do, I'm a full time trader ,started beginning of the year and have done pretty well so need a real expert like yourself
If you trade within an entity like a LLC can you deduct the same business expenses or do you still need to qualify for TTS?
Brian, excellent video explanation good brother! I've recently started doing 4+ trades a day M-F, spend hours analyzing and have related expenses. I collectively have over $25k throughout a few different trading platforms. Do you think that would be an issue? Will I have to consolidate my funds?
Nope you should be good to go!
Hey Great video... One question I'm not confused about though. Is Trading Forex for oneself a business that I can open a LLC for? Or must I offer services or products related to it for it qualify? Thanks
You can open up an LLC to conduct your forex trading business
Great content, thank you Brian! 👌
Very informative! I currently have an LLC for my e-commerce business, but also day trade on the side. Can I sign up for a brokerage account under my current e-commerce LLC or would you recommend creating a separate LLc specifically for day trade?
Any update on this? I’m in the same boat
There is nothing that would stop you from using that LLC to trade. Setting up a separate structure may be better for asset protection.
Any advice on the right entity to use? My CPA advised going sole proprietor route and now he's retiring....I'm a W2 employee but qualify for trader status
Great video, appreciate you're work and your commitment to our country. I have one question if you dont mind.
If im using, lets say Turbo tax deluxe, is there a form on there to fill out for Trader tax status?
Okay this is great and all but what about those of us who want to have a trading business but don't want to be day traders? Can we still set up a business and take advantage of these tax breaks? Say someone has a large trading portfolio and because of the size of the trades they take they only make a couple dozen trades a year. They enter large positions based on the indicators they use and they sell half on a double. However because of the size of the trade they're taking they don't have to have very many winning trades in order to gain a large profit. That individual won't qualify for active trader status but he still runs it like a business. Thoughts?
Do the same rules apply with Forex? I trade indices, commodities, and forex. Do you recommend opening an LLC, or corporation?
Thank you for sharing!! Is a canceled trade in history counted into that 720 trader per year?
If i place orders that are not executed, do they count?
is it correct that as a individual if you get the trader status you don't pay the self employment tax(social security..and medicare 15.3%) being the only source of income?
Can you swing trade occasionally and write off expenses?
Can you qualify for TTS status if you're a forex day trader? I use a offshore broker and they dont report my trading activities.
How do you think this whole 87k IRS hiring boost is going to work with Day trade status, LLC, S corp situations? Getting back into the industry. I just think it's going to be crazy. The IRS is already moving folks from examination to audits so we'll see. Congrats on your business and for hanging in there in the military.
I think as long as documentation is solid; shouldn’t have a problem
As a new Futures traders... would there be any benefits, when it comes to looking for Trader Status ?
Does this apply for futures traders?
@3:00 btw you're welcome.
You make really great an informative vids , keep telling us the correct way to do this 🔥🔥
so if you qualify as a trader in status, you basically dont have to have a llc?