Day Trader Tax Filing Procedure
First off, my apologies if it is in the incorrent section.
I have done lots of googling and gotten a mix of answers so I am (as sure many others) seeking a proven/clear procedure to file taxes.
Disclaimer: This is for people who have made the mark to market election in a previous tax year and now claiming gains/losses as "ordinary".
Specific: I had losses over $3,000 past year and as you know day traders are not capped by this amount if they have proven their status AND made the election.
Do we file it on Schedule D?
Do we file it on 4797?
A combination?
I have even gotten Schedule C as a suggestion..
Has anyone recently filed their taxes and gotten in approved? If so, how did you do it?
Thanks a million!
I have done lots of googling and gotten a mix of answers so I am (as sure many others) seeking a proven/clear procedure to file taxes.
Disclaimer: This is for people who have made the mark to market election in a previous tax year and now claiming gains/losses as "ordinary".
Specific: I had losses over $3,000 past year and as you know day traders are not capped by this amount if they have proven their status AND made the election.
Do we file it on Schedule D?
Do we file it on 4797?
A combination?
I have even gotten Schedule C as a suggestion..
Has anyone recently filed their taxes and gotten in approved? If so, how did you do it?
Thanks a million!
Just, today, came across Post. Try greencompany.com. I think this is as good as they come regarding any and all Trader Tax issues. Good Luck
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