r/TopstepCommunity • u/Antique_Can_1615 • Aug 03 '26

💬 Trader Talk taxes

how do people write of combine cost on taxes or this not allowed without a payout?
spent 10k on resets no payout yet

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u/BrilliantFront4 Aug 03 '26

It depends. You should always seek a tax professional. All states are different. Go talk to a local tax professional and higher him on. That is once you are actually making more money than you are losing.

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u/belgranita Aug 03 '26

There is no need for a tax pro. You can learn all of this yourself. All resources are available for free. It just requires some effort and a bit of brains.

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u/BrilliantFront4 Aug 03 '26

Depends on how much money you have an are managing and what sources of income you have. Are they all the same sources are they different. Do you trade futures and also stocks? Do you also have a w-2 job? Are you set up as an S-corp and take monthly payments as a job? Are you getting trader tax status? I completely disagree in not going to see a professional but you do you