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trading from an Ira would require a big Ira as you cannot margin in an IRA

Registering a company allows you to write off company expenses.

The best one is the mark to market. I am sure my Tax/audit has used this... i am an institutional account so i dont pay attention to this...i am paying someone damn well to do it and he better do it. lmao
freakydestroyer said:
The mark to market election, not a tax break but would exempt traders from the wash sale rules. Read something a couple years about registering as a S corp or LLC and trading from an IRA or college saving account. But you can't write off losses on an IRA.
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GOLD ST CAPITAL said:
trading from an Ira would require a big Ira as you cannot margin in an IRA

Registering a company allows you to write off company expenses.

The best one is the mark to market. I am sure my Tax/audit has used this... i am an institutional account so i dont pay attention to this...i am paying someone damn well to do it and he better do it. lmao
freakydestroyer said:
The mark to market election, not a tax break but would exempt traders from the wash sale rules. Read something a couple years about registering as a S corp or LLC and trading from an IRA or college saving account. But you can't write off losses on an IRA.
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Whoever made these rules is dumb. Supposedly buying an option contract with the same symbol, but different strike and expiration after a loss falls under a wash sale.
 
GOLD ST CAPITAL said:
there is no advantageous set up for capital gains except you have losses. You make money pay the taxes or find expenses.

On second though you can avoid some taxation buy it would not be economical in your case Freaky. It would cost you like 20k to set it up. You would need to do an off shore account.
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Just saw your edit. Come to think of it, that's probably why I always hear about rich and wealthy people going to Belize and the Cayman Islands for "vacation". Interesting. Have you thought about setting up an offshore account?
 
I could if I wanted I have been offered by 2 attorneys but at this time it's not in my best interest. It cost about 5k a month in expenses to keep the account. It's that countries "service fee" if you will. grand cayman defiantly has this fee.

freakydestroyer said:
Just saw your edit. Come to think of it, that's probably why I always hear about rich and wealthy people going to Belize and the Cayman Islands for "vacation". Interesting. Have you thought about setting up an offshore account?
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I'm learning a lot so Belize is the go to spot.

Let's say u do go that route is the money insured ? I mean it is a different country they can pull some Funny move
 
The money is insured. Many people who live in politically unsafe countries keep money offshore. Large banks operate offshore also. Off shore accounts are another way to keep you money safe from litigation; hence the Swiss account demand.
MrDoeBoI said:
I'm learning a lot so Belize is the go to spot.

Let's say u do go that route is the money insured ? I mean it is a different country they can pull some Funny move
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GOLD ST CAPITAL said:
The money is insured. Many people who live in politically unsafe countries keep money offshore. Large banks operate offshore also. Off shore accounts are another way to keep you money safe from litigation; hence the Swiss account demand.
MrDoeBoI said:
I'm learning a lot so Belize is the go to spot.


Let's say u do go that route is the money insured ? I mean it is a different country they can pull some Funny move
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If you are to open one, where would be your first choices and why?
 
I would open in only British colonies and Switzerland. These countries are heavily influenced by corporations and will want to keep banking secrecy because what corporations pay in fees help their economies
freakydestroyer said:
If you are to open one, where would be your first choices and why?
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freakydestroyer said:
Whoever made these rules is dumb. Supposedly buying an option contract with the same symbol, but different strike and expiration after a loss falls under a wash sale.
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Supposedly? Depends. I think the general rule of thumb is how many levels it is in or out of the money...it's because it's essentially the same security because of the ability to exercise.

I think in one of the other threads I went through the detail.
 
The Nomad = Gold St Capital?
nerd.gif
 
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Do you come from a well to do family? I'm only asking because you mentioned your family had hired help. 

A lot of NT'ers don't understand the dynamic involved. Not trying to hate even though I'll come off as that but most of the time the only difference between a poor man hustling and a wealthier one is the number of the times one can fail. The poorer guy simply can't fail and get back up and everyone fails at one point or another. There's nothing bad about this just the way it is. 

There was a CEO of a Fortune 50 corp that said something to the effect of , ' Give me enough money and I can run any business'. Why? Because money smooths over failures and everyone fails. 

Not trying to come of as hating and I wish you much more success (I rather see people succeed than fail any time) but a lot of folks don't understand this dynamic. It's important to have capital. Much more important than virtually everything else (skills, smarts) except maybe some luck. lol

That doesn't mean that you can give money to an idiot or a lazy dude and expect good things to happen but many people out there can do well if they had access to capital. It's really the secret sauce of the wealthy. 

That's a sick car and the depreciation is well worth it.Win-Win all around.   
 
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My family is not so much well to do but more so have always had more than 1 stream of income. Really in my family my mom and step dad are the bread winners. Everyone else's feeds or has fed off of them.

Yes money smooths things over but I am in a business where I ask for money lol so I play a zero sum game I have to produce and perform. I don't sell a product I sell intangible assets.

The main reason I am successful is because I have a good support system at home. Meaning my mom has always taken care of home. Is I was f'ed up and ashy I could go home and regroup we will always have a family house. She plays it simple and has no debt so if I were ever in need she always has me. Many people just don't have a good family support system.

Wawawowee said:
Do you come from a well to do family? I'm only asking because you mentioned your family had hired help. 

A lot of NT'ers don't understand the dynamic involved. Not trying to hate even though I'll come off as that but most of the time the only difference between a poor man hustling and a wealthier one is the number of the times one can fail. The poorer guy simply can't fail and get back up and everyone fails at one point or another. There's nothing bad about this just the way it is. 

There was a CEO of a Fortune 50 corp that said something to the effect of , ' Give me enough money and I can run any business'. Why? Because money smooths over failures and everyone fails. 

Not trying to come of as hating and I wish you much more success (I rather see people succeed than fail any time) but a lot of folks don't understand this dynamic. It's important to have capital. Much more important than virtually everything else (skills, smarts) except maybe some luck. lol


That doesn't mean that you can give money to an idiot or a lazy dude and expect good things to happen but many people out there can do well if they had access to capital. It's really the secret sauce of the wealthy. 



That's a sick car and the depreciation is well worth it.Win-Win all around.   
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