Darren L. Neuschwander CPA is a managing member of Green, Neuschwander & Manning, LLC, a leading CPA firm for traders and investment managers. He is a certified public accountant licensed in Alabama and has been granted the privilege to practice public accountancy in California by the California Board of Accountancy. Considered a leading authority on trader tax, Mr. Neuschwander is frequently interviewed by the Wall Street Journal.
Join Darren Neuschwander, CPA, managing member of Green, Neuschwander & Manning, LLC, for insights and information to help traders file their 2024 federal tax returns. This session will go over how active traders can qualify for trader tax status (TTS) to deduct business, start-up, and home office expenses on 2024 tax returns. Active securities traders trigger many wash sale loss adjustments, which can defer capital losses to the subsequent year. TTS traders can elect Section 475 mark-to-market accounting on securities, which exempts them from wash sale losses and the $3,000 capital loss limitation. It’s ordinary income or loss. However, the 2024 Section 475 election was due by April 15, 2024.