☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jul 1, 2024 8:21:01 AM

1099 and long/short term capital gains

I've come across long and short term capital gains bracket posted on your website. Can I assume it applies to me without obtaining the TTS status? I am 1099 and I trade stocks

0 1 1036
1 Replies
Level 15
Jul 1, 2024 8:44:00 AM

Yes, the brackets are applicable to you even without Trader Status, which would only allow you to deduct certain business expenses related to trading.

 

That would change, however, if you make a MTM election.

 

See https://www.irs.gov/taxtopics/tc429