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Investors & landlords
You need to get up to speed on the mechanics of day trading as a vast majority of individuals get into trouble.
Since you are day trading, and most of your transactions are short term, the wash sale rules really come into play towards the end of the year. This is where you need to be cognizant of open transactions, closed transactions and making sure you don't trade the same stock within the wash sale window.
Keep a list of "no trade" stocks towards the end of the year.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎July 26, 2021
7:20 AM