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Just doing Day Trading is not enough to qualify for Professional Trader status.
Unless you are trading just about every business day in a separate account dedicated to your business, IRS will probably disapprove your return.
Hello @JL5 I am in the exact situation and I was wondering did you get everything figured out. If so, can you share how you filed your taxes to get the best result.
Thanks
I am in the same situation, those above who responded dont seem to understand our situation. I will keep researching too.
Yes, @SgtofMarines and @JL5, they are stock trades, however, there are certain rules to abide by as with anything related to taxes. Individual traders and investors pay taxes on capital gains. Generally speaking, if you held the position less than a year (365 days), that would be considered a short-term capital gain, which is taxed at the same rate as ordinary income.
Here are some links to "rules" of day trading, as well as tips and tricks of the trade, so to speak:
Day Trading Tax Deduction Tips
Then,
Posted by an "Alumni" of TurboTax back in 2019 Intuit Best Answer For Day Trading
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