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Consequence of day trading and wash rule
Hi, so I am a novice stock trader and has been using Robinhood to buy and sell stocks on daily basis. I received the tax form from Robinhood and the net gain is listed as about 75k. Now the problem is, if I made that much money I would be jumping in joy right now. I did not profit from trading stocks in 2021. Upon googling, the only explanation I can come up with is because of the wash rule. I am kicking myself for not doing the research before jumping into stock trading. Now I owe a huge amount of money that I dont have to pay for taxes that I made no money on. I am so lost. Can anyone guide me as to how I can mediate this problem? Thanks in advance.
‎February 28, 2022
10:25 AM