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tax deductions from home office trading

mark2999
By mark2999
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Go to solution Solved by dalekphalm,
On 11/25/2023 at 12:20 AM, mark2999 said:

hey guys

Im located in nyc and my question to anyone doing taxes with trading - what can I deduct? I wasn't even aware that you could write off portion of rent if you dedicate space for office, internet, montiors etc. Before I ask account  i would like to hear from anyone who has done it so once i go there they wont rush me for next customer and i can prepare to have full refund. Im totally new to this so any advice is appreciated. Also when it comes to paying less taxes from trading. Creating LLC?

So you should prob talk to an accountant, as I'm not even an American.

But generally speaking if you're declaring income and paying taxes on the trades, you might be eligible for tax deductions for home office purchases directly related to the trading. You should speak to an accountant to see what is eligible though, as you don't want to accidentally commit tax fraud.

Posted

hey guys

Im located in nyc and my question to anyone doing taxes with trading - what can I deduct? I wasn't even aware that you could write off portion of rent if you dedicate space for office, internet, montiors etc. Before I ask account  i would like to hear from anyone who has done it so once i go there they wont rush me for next customer and i can prepare to have full refund. Im totally new to this so any advice is appreciated. Also when it comes to paying less taxes from trading. Creating LLC?

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Disclaimer: I am not an accountant. Seek advice from a financial advisor or a CPA.

 

Before you get too carried away, you should determine if taking all those itemized deductions works out in your favor compared to just taking the standard deduction.

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13 minutes ago, seanondemand said:

Ah, common mistake. You’re looking for linustaxtips.com

Safe to assume majority people are working and file taxes so wanted to hear someone's experience/advice. wont hurt to try

 

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6 hours ago, mark2999 said:

Safe to assume majority people are working and file taxes so wanted to hear someone's experience/advice. wont hurt to try

 

Tax laws are different in every single country and in some cases, different states, when it comes to something as strict as tax returns, you definately shouldnt be taking advice from random people on a tech forum

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I can give some advice on what not to do(former nyc residents and also traded)

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On 11/25/2023 at 12:20 AM, mark2999 said:

hey guys

Im located in nyc and my question to anyone doing taxes with trading - what can I deduct? I wasn't even aware that you could write off portion of rent if you dedicate space for office, internet, montiors etc. Before I ask account  i would like to hear from anyone who has done it so once i go there they wont rush me for next customer and i can prepare to have full refund. Im totally new to this so any advice is appreciated. Also when it comes to paying less taxes from trading. Creating LLC?

So you should prob talk to an accountant, as I'm not even an American.

But generally speaking if you're declaring income and paying taxes on the trades, you might be eligible for tax deductions for home office purchases directly related to the trading. You should speak to an accountant to see what is eligible though, as you don't want to accidentally commit tax fraud.

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19 hours ago, mark2999 said:

Safe to assume majority people are working and file taxes so wanted to hear someone's experience/advice. wont hurt to try

 

Yes, and what my accountant does for my taxes here in Alaska is way different than what yours would do there.

First off, if I asked them to look at state deductions they'd laugh me out the door. 

I'm not actually trying to be as grumpy as it seems.

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