I am a full-time trader trading in a personal account, although I have decided to forego Trader Tax Status for various reasons. I open and close all positions in the same calendar year. As such, all gains / losses are short term capital gains/losses.
I understand specifying tax lots on sales of positions if you have held some shares for more than a year and some for less, in order to maximize LTCGs and minimize STCG's. My understanding is that tax lots are irrelevant if all positions are opened and closed within the same year - is that right? Just want to be sure I am not missing any opportunity to minimize my tax bill.
Additionally, wash sales are irrelevant to me for the same reason, correct?
posted
last updated
March 08, 2024
8:40 AM