Wash Sales Suck! Why Active Day Traders Need To Elect Mark-To-Market.
Wash Sales Suck! Why Active Day Trader Need To Elect Mark-To-Market Accounting! Day Trader Taxes can be extremely complex due to the ever changing tax laws. Mark to Market method has the effect of eliminating wash sales and converting capital gains and losses into ordinary gains and losses. IRS Tax Topic 429 Trader In Securities https://www.irs.gov/taxtopics/tc429 Change In Accounting Method https://www.irs.gov/forms-pubs/about-... 0:00 Introduction 0:19 Tax Loss Harvesting 1:09 What An Active Trader Is 1:36 The Mark To Market Election 3:10 A Time Based Election 4:07 Key Second Step 4:50 Decision Point 🚀 Learn How To Slash $30K Off Your Taxes Without Being A “Tax Expert” Or Spending Money On An Expensive CPA! Free Strategy Session: https://www.thetaxonomics.com/strategy 🏦 BEST BROKER FOR ACTIVE DAY TRADING 🚀🌚💸 https://www.interactivebrokers.com/mk... ⚡ TraderFyles: Generate your trader specific tax forms! (Coming Soon) ⚡ https://mailchi.mp/303044cd12e9/untit... ⭐Schedule a Trader Tax CPA Consultation! (Available May - Dec Only) https://calendly.com/tradertaxcpa/ 🧟♂️Follow me on Social Media / brianriveracpa / brianriveracpa 🤑 Click Here To View Our Free Day Trader Tax Resource Center🧠 https://www.tradertaxcpa.com/index.ph... For Related Videos on Day Trader Taxes: ✅ Small Cap Short-Sellers Can Deduct Stock Locate Fees https://www.youtube.com/watch?v=kkgbT... ✅ Debunking The Top 3 Tax Myths! • Day Trader Taxes | Strategies and Debunkin... 🖥️Some of My Favorite "Tax Deductible" Trading Tools: BenzingaPro - great for news and stock research https://pro.benzinga.com/tradertaxcpa... Scanz - great for scanning momentum stocks and news http://www.scanz.com?fpr=tradertaxcpa FlowAlgo - great for scanning and spotting unusual options activity https://app.flowalgo.com/users/aff/go... ___ DISCLAIMER: I am not a financial adviser but fortunately I am a CPA :). These videos are for educational and entertainment purposes only and should not be taken as "individualized" tax advice. Should you need advice I highly recommend consulting with a professional or our CPA Firm. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments. AFFILIATE DISCLOSURE: I only recommend products and services I truly believe in and/or use myself. Some of the links on this web page are affiliate links, meaning, at no additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. Commissions earned will be used towards growing the content this channel.
