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Investors & landlords
Possibly. The fact that you are creating wash sales daily, indicates one option for you. If you want to be a Daytrader, I recommend you make the mark to market election on your tax return this year. This allows you to use sch C to claim all sales, including the wash, and expenses, with no self-employment tax. Otherwise, you are just an investor and limited to sch D. See:
- What is a trader of securities and how do I qualify for it?
- Topic No. 429 Traders in Securities (Information for Form 1040 Filers) - includes how to make the mark to market election.
Wash sale - (Does not apply to Mark to Market election) Daytrader or investor:
Under the wash-sale rule, you cannot deduct a loss if you have both a gain and a loss in the same security within a 61-day period. (That’s calendar days, not trading days, so weekends and holidays count.) However, you can add the disallowed loss to the basis of your security.
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February 4, 2022
7:53 PM