When Is Tax Day 2010
March 5th, 2010
Question: Question as a beginning day trader concerning wash sale rule?
I just started day trading in May 2009, i have never took mark-to-market acounting election.
Is there any way I could avoid wash sale rule, when I do report my income tax on April 15 2010?
( If no, then if my gains from winning trades is $1000 and loses from losing trades is $900, will i be taxed on $1000 and lose more than my profit by tax?)P.S.I am planning to trade same stocks over and over, so not trading a given security for 60 days is not a possiblity...
Answer: You can not avoid the wash sale rule unless you elect to become a trader in securities.
You will always be taxed on net gain or loss. So your tax will not be more than your profit.
But keep in mind that as you transition from 2009 to 2010, the wash sale rule does not go away. So with your planned trading pattern, transactions made in January 2010 may effect the basis of transactions in December 2009. Thus your taxable gain or loss may not be what it looks like on the surface. I recommend that you get a good program for tracking your trading, such as Gainskeeper. That will enable you to do your own taxes with a program such as Turbo Tax. Or have your taxes done by a reputable tax professional.
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(AFX UK Focus) 2010-03-01 00:57 JGB futures slip from 2-month peak before auction
TOKYO, March 1 (Reuters) - Japanese government bond futures edged down on Monday, slipping from a two-month peak hit last week, as investors sold bonds to make room in their portfolios before an auction of benchmark 10-year notes the following day. * The Ministry of Finance will offer 2.2 trillion yen ($25 billion) of 10-year bonds on Tuesday. The debt sale is seen as an important test of demand ...
2010 Tax Day
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