Ask The Experts About Day Trading For Dummies
Sharon asks…
Is there a “Day Trading Taxes” for dummies type website out there.?
I’m looking for an easy way to explain how taxes effect my day trading enfasizing on margin trading.
I only started caring now becaus 2006 was the first year i’ve been close to the red.
thanks to all who help.
PS: All smartass coments are welcomed (I post them all the time nows your chance to strike back)
admin answers:
This is not really a “for dummies” topic. My opinion is that the worst part is keeping up with all the wash sales that day traders generally have. You should research wash sales and make sure you understand the related tax code rules. The IRS website might be helpful. This really is too big of a topic to explain here, which I realize is not what you asked for. You asked for a guide. About the best I can do is send you to some relevant places on the IRS website. Check the links below for a good place to start.
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