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My plan is to day trade for five or six years to make my capital, about $1 million. 
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Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
I am a day trader who is trading in the foreign exchange (currency) market.
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Liam Wilson 5 minutes ago
My plan is to day trade for five or six years to make my capital, about $1 million. 
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Nathan Chen 8 minutes ago
In such a case, should I pay tax on my $100,000 profit, or can I postpone it to the time that I with...
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My plan is to day trade for five or six years to make my capital, about $1 million.  <h5>More On Day Trading And Currencies </h5> Here is my question: Assume that my initial capital is $100,000 and after one year I make another $100,000, so my capital will be $200,000. But I do not withdraw my profit because my plan is to make $1 million.
Isabella Johnson Member
access_time 18 minutes ago
My plan is to day trade for five or six years to make my capital, about $1 million. 
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Here is my question: Assume that my initial capital is $100,000 and after one year I make another $100,000, so my capital will be $200,000. But I do not withdraw my profit because my plan is to make $1 million.
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Sebastian Silva 17 minutes ago
In such a case, should I pay tax on my $100,000 profit, or can I postpone it to the time that I with...
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Kevin Wang 11 minutes ago
citizen or resident, gains realized on currency contracts are recognized and taxed when you close ou...
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In such a case, should I pay tax on my $100,000 profit, or can I postpone it to the time that I withdraw the money from my account? Best regards,<br> — Kaveh <br> It sounds like a brilliant plan, but save some money for taxes. As a U.S.
William Brown Member
access_time 19 minutes ago
In such a case, should I pay tax on my $100,000 profit, or can I postpone it to the time that I withdraw the money from my account? Best regards,
— Kaveh
It sounds like a brilliant plan, but save some money for taxes. As a U.S.
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Audrey Mueller 12 minutes ago
citizen or resident, gains realized on currency contracts are recognized and taxed when you close ou...
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citizen or resident, gains realized on currency contracts are recognized and taxed when you close out the trade. There are no deferrals as with real estate like-kind exchanges.
Sophie Martin Member
access_time 80 minutes ago
citizen or resident, gains realized on currency contracts are recognized and taxed when you close out the trade. There are no deferrals as with real estate like-kind exchanges.
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Chloe Santos 56 minutes ago
The only way you can defer paying taxes on your earnings is if you create a retirement plan or use i...
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Harper Kim 19 minutes ago
I suggest a self-directed account, as many traditional IRA custodians probably would not permit a da...
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The only way you can defer paying taxes on your earnings is if you create a retirement plan or use individual retirement account money to day trade. If you have the required capital in an IRA, or better yet a Roth IRA, you could set up a self-directed IRA that would allow you to day trade.
Isaac Schmidt Member
access_time 105 minutes ago
The only way you can defer paying taxes on your earnings is if you create a retirement plan or use individual retirement account money to day trade. If you have the required capital in an IRA, or better yet a Roth IRA, you could set up a self-directed IRA that would allow you to day trade.
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I suggest a self-directed account, as many traditional IRA custodians probably would not permit a day-traded IRA. For more information, check out Bankrate’s article, “Self-directed IRA a good bet?” If your plan is to do this over the next several years, you might want to consider whether it is possible to create a retirement plan with your business in order to shelter some of the gains.
Elijah Patel Member
access_time 22 minutes ago
I suggest a self-directed account, as many traditional IRA custodians probably would not permit a day-traded IRA. For more information, check out Bankrate’s article, “Self-directed IRA a good bet?” If your plan is to do this over the next several years, you might want to consider whether it is possible to create a retirement plan with your business in order to shelter some of the gains.
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Amelia Singh 16 minutes ago
You also might want to get some advice from a certified public accountant on this planning strategy....
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You also might want to get some advice from a certified public accountant on this planning strategy. <h2>Ask the adviser</h2> To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more columns.
Madison Singh Member
access_time 115 minutes ago
You also might want to get some advice from a certified public accountant on this planning strategy.

Ask the adviser

To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more columns.
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Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy.
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