Day Trading and Taxes

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Tax Advantages of Day Trading Through Self-Directed IRAs

Much of the tax hassle associated with day trading is eliminated if you trade through a self-directed Individual Retirement Arrangement, or IRA. Most brokerage firms can set them up for you and handle [more…]

How to Get Around the IRS Wash-Sale Rule

At an extreme, the wash-sale rule can mean that day traders who are in and out of the same securities over and over may be taxed on all their winning trades, without being able to subtract their losing [more…]

IRS Limits to Qualified Day Trading Expenses

The IRS lets you offset your profits from day trading with the expenses that are incurred to make those profits. Things like legal and accounting fees, the expenditures to set up your office, and interest [more…]

Tax Information for IRS-Qualified Day Traders

If you meet the IRS qualifications for being a day trader, you can avoid some of the tax headaches faced by people who trade but are not considered by the taxman to be traders. [more…]

Tax Forms and Deadlines for the Day Trader

Knowing what constitutes day trading income, what expenses you can deduct, and what special rules apply if the IRS considers you a qualified day trader is all well and good, but when it comes right down [more…]

What You Need to Know about Taxes if You Day Trade Currencies

If you day trade currencies, the tax laws that apply to you can be confusing, and there are gray areas. How taxes apply to you can be impacted by the following: [more…]

What You Need to Know about Taxes if You Day Trade Stocks

Day traders aren’t investing; they’re looking to take advantage of short-term price movements, not to take a stake in a business for the long term. Unless, of course, you’re asking the IRS about it. The [more…]

How to Hire a Tax Adviser Experienced with Returns for Day Traders

You don’t have to hire someone to do your taxes, but you probably should. Day trading generates a lot of separate transactions to track, and the tax laws are tricky. Mistakes can end up costing you your [more…]

Resources to Do Taxes on Day Trading Income Yourself

Day traders can do their own taxes. If you are comfortable with tax forms and if you are only day trading a little bit, you may be able to do your own taxes. Here’s what you need: the proper IRS forms [more…]

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