Quote:
Originally Posted by Like2Plan
I have always been curious about folks who Day Trade and taxes.
If a person made just 2 transactions each day that the market is open--wouldn't that amount to about 250 transactions that you would have to report on your taxes? Any gain would be presumable short term which isn't it taxed the same as ordinary income?
I would think the record keeping would be a nightmare.
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Yes, every sale is a taxable event, either a taxable gain or a deductible loss. When I went through a brief stint of trading, I didn't make that many transactions so it wasn't a big deal.
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