What is the best tax software for day traders? | Elite Trader
Jan 15, 2007 · This is my first tax year as a day trader, and I was wondering what some of the veteran day traders have found to be the best tax software? More specifically, have you found that products like Turbo Tax and H&R Block cover the unique tax situation that day traders have to deal with, when it comes to filing Schedule C, D, and the Market to ...
Solved: I am a day trader. How, exactly, do I report my investment ...
May 31, 2019 · I have used TurboTax for at least 10-20 years and it has been great. But now that I am a day trader who has suffered significant losses day trading, TurboTax seems to be failing me. Usually I just answer its questions and TurboTax leads me to the right answers, but not, apparently, when it comes to ...
Solved: Day Trading taxes - Intuit
Feb 20, 2020 · Hi there, I'm day trading from this year, and I am located in NY. I know that in order to write off expenses I need to fall under Trader Tax Status, which I don't think will be a problem. But do I need to open LLC in order to take advantage of all the write offs? Also let say I made 100k, but to ...
Solved: day trading tax - Intuit
Jan 3, 2021 · day trading tax to late to make M-T=-M election for 2020 had to be done with timely filed (by 7/15/2020) 2019 return. using the M-T-M election there are no wash sales since the securities held a t year end are repriced to market value.
I am a day trader and I am trying to file my taxes to claim ... - Intuit
Mar 31, 2020 · Line A "Day Trader" income item Line 6 and list your total gains or loss for the year from day trading.. Or; Use Form 4797 which would also show just a one line summary entry with description "Trader-See attached" (as per IRS instruction). Then attach your transactions details for the calendar year to your return.
Day trade and tax implication from Wash sale rules - Intuit
Jul 22, 2021 · Today, I executed my day trading, I am wondering tax implications here (for the sake of simplicity, following example would describe today's day trading most accurately. PYPL 300C 8/20 bought at 10.8, Sold at 11.5, then during mid day push back, I bought it again at 10.7, and then it went down to 10.0, I believe, and I bought it at 10.0 (or ...
Mark-to mark day trading election - Intuit
Dec 6, 2023 · Account size: Securities traders need to have $25,000 on deposit with a U.S.-based broker to achieve “pattern day trader” (PDT) status. We want to see more than $15,000 for the minimum account size. to avoid potentially serious tax issues by making an invalid election you should consult with a tax professional.
How do I report my trader activity with or without Section 475(f ...
Without the election, gains and losses are recognized when the security is sold. They are treated and taxed as capital gains and losses and are subject to capital gains tax rates, as well as the limitation of losses and the wash sale rules. With the election, gains and losses are based on the value of your holdings at year-end.
Day trading tax as single member llc - Intuit
Jan 17, 2024 · the payment each period can be 1) 25% of your prior year's tax (27.5% if your AGI was over $150k) or 2) 22.5% of your current year tax . 1) is much easier to know than 2) 2. Am I supposed to pay sef-employment tax (Somewhere I read tradign business is not subjected to self-employment tax).
What is the tax rate on gain by day trading stocks and futures?
May 31, 2019 · Gains and losses are taxed under the "60/40" rule. The rate that you'll pay on the your gains from trading futures will depend on your income, with 60% of the gain treated as a long term capital gain at a rate of 0% if you fall into the 10-15% tax bracket, 15% if you fall into the 25-35% bracket, and 20% if you fall into the 36.9% bracket.