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I started managing funds for a friend of mine this year. He used to trade
his own account.
There is a net profit in the account [not a loss]
He pays me a percentage of profits only, as my 'management fee.'
[I do not charge a maintenance fee, only percentage of profits generated.]
He just asked the following question-
Nobody has ever asked me this & I do not wish to appear as ignorant as I
truly am!
[I am a trader and not a tax accountant]
How would I answer this question from him?
TIA - Marc
I am wondering how to account for all the trades regarding taxes. I used to
account for every single trade. Just November had 33 pages of trading. How
do you do it?
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