[QUOTE=trustFX;131811]I live in Australia as well and I seriouly doubt that 250k (profit per year?) would be considered "a hobby" by the tax authorities.
I just had a quick search on the net to see if i could find where i read it, but no luck. So it was basicly something i remember reading, and your right the Gov n Tax authories are not going to just let you keep 250k tax free when they can have a slice of it. I'm going to go to my accountant and get an update on the tax laws for today, they always bloody change the rules, but when one loop hole closes, another one opens.
I am just starting. Does anybody know if there is a grace level in trading? Like anything bellow 1k USD in a year being negligible?
Doubt it, it would probably be still classed as income on top of what you earn elsewhere. In Australia we get the first 6-7k tax free. It starts to get more complex though with capital gains,trading as a sole trader or under a company etc.. Might be different in the U.S.